The stake of Morgan Stanley entities in Unitech has increased to 5.53 per cent, after it acquired 4.11 per cent additional stake. Unitech had concluded a Qualified Institutional Placement (QIP) on June 26 to raise nearly $575 million by selling fresh shares to a clutch of institutional investors. Unitech also informed the Bombay Stock Exchange that HSBC Global Investment Fund has acquired 4.07 crore shares in the company (two per cent stake). It now holds 12.36 crore share s in the company, after the transaction. Unitech QIP proceeds are expected to be utilised for servicing the realtor’s debts and for funding new projects. The shares were placed at about Rs 81 a share.
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