Unitech promoter firm stake down 2.17% on invocation of shares

New Delhi: Unitech promoter firm Mayfair Capital's shareholding has come down by 2.17 per cent with lenders invoking 5.67 crore pledged shares.

Mayfair Capital Pvt Ltd's stake in the realty firm has been reduced now to 11.17 per cent from 13.34 per cent.

In a filing to the BSE, Unitech informed that more than 5.67 crore encumbered shares of Mayfair -- representing 2.17 per cent stake in the company -- have been invoked.

Shares were invoked in seven transactions between May 11 and July 1, 2016.

According to shareholding pattern as of March 31, 2016, Unitech promoters had 26.77 per cent stake in the company. Out of total promoters holding in Unitech, Mayfair Capital held 13.34 per cent stake and nearly 99 per cent of those shares were pledged.

Gurgaon-based Unitech had recently reported a consolidated net loss of Rs 902.69 crore on a turnover of Rs 2,072.27 crore during the 2015-16 fiscal.

Its net debt stood at Rs 7,165.70 crore at the end of the last fiscal with a debt to equity ratio of 0.71.

Unitech is facing a liquidity crunch due to slowdown in the real estate market, particularly housing segment.

It has been facing consumer complaints and protest due to delay in completion of some of its projects.

"The company's focus during the year has been primarily on completing the ongoing projects. Balance expected receipts from these ongoing projects combined are sufficient not only to meet the remaining construction expense but to also to service the debt, if any, against these projects," Unitech MD Sanjay Chandra had said after the quartely result.