Unitech Ltd., India’s second- largest developer, advanced in Mumbai trading after its directors approved plans to raise as much as 50 billion rupees ($1 billion) by selling shares to institutional buyers.
Chairman Ramesh Chandra and the developer’s two managing directors will determine the date of sale for the shares, according to a statement filed to the National Stock Exchange.
Shares of New Delhi-based Unitech rose 10.3 percent to 47.65 rupees as of 10:08 a.m. local time in Mumbai trading. It was the best performer on the Bombay Stock Exchange 200 Index today. The stock has gained as much as 17 percent this year, after plunging 92 percent in 2008.
Unitech raised $325 million by selling stock to funds at 38.50 rupees a share, CNBC-TV18 reported yesterday.
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