Unitech is looking to sell more stock and assets such as hotels and offices to cut its high debt.

It also aims to shift its focus to building cheaper homes to beat an economic downturn and revive sales, the second-largest listed Indian property firm said in an investor presentation that was made made available to Reuters.

Unitech, whose shares fell almost 92%t in 2008, told the stock exchange it planned to raise up to $1bn in equity, mainly to retire its debt that stood at 84 billion rupees ($1.7bn), down 16 billion from September.

Financial Express