Unitech - Updates
With reference to the earlier announcement dated June 16, 2008 regarding a Press Release on “Lehman Brothers Real Estate Partners to Invest in Unitech’s Mumbai Project”, Unitech Ltd has now informed BSE that on satisfactory completion of all the conditions under the Transaction Documents and receipt, on July 17, 2008 of subscription amount of Rs 740 crores approx., Lehman Brothers Real Estate Partners have been allotted 50% stake in the initial phase of a master-planned project on the Western Expressway of Mumbai. The project is being jointly developed by the Company and its local Mumbai partners. The initial phase entails development of one million square feet of office space out of the total developable area of approximately 18 million square feet.
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