“The loan of Unity Infraprojects
will not reduce as the interest on FITL has been converted into equities instead of cash outflows and there will be no drop in interest costs”, says Madhav Nadkarni, CFO, Unity Infraprojects.
Unity Infraprojects Board has approved allotment of 39 lakh shares to CDR investors at a price of Rs 27.5 per share.
Nadkarni told CNBC TV18 that, an allotment will take place in the March quarter which will lower the promoter's shareholding to 59% from 62 percent at present. With this the bank's stake will come to around 16-17%.
On company's business, he said that the current order book stands at Rs.2,300 crore and new projects will be coming in the road segment.
Unity Infraprojects Ltd ended at Rs. 16.55, up by Rs. 0.92 or 5.89% from its previous closing of Rs. 15.63 on the BSE.
The scrip opened at Rs. 15.5 and touched a high and low of Rs. 17.75 and Rs. 14.85 respectively. A total of 1164149(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 186.14 crore.
The BSE group 'B' stock of face value Rs. 2 touched a 52 week high of Rs. 28.5 on 04-Mar-2015 and a 52 week low of Rs. 9.8 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 17.75 and Rs. 13.46 respectively.
The promoters holding in the company stood at 70 % while Institutions and Non-Institutions held 7.86 % and 22.13 % respectively.
The stock traded below its 200 DMA.