India’s second-largest property company Unitech will raise $700m through foreign currency convertible bonds. The company has sought approval from the Department of Industrial Policy and Planning and the Reserve Bank of India to raise the fund through convertible instruments.

The company has assured the government that the fund will be used for an integrated township and not for repaying existing debts. 'The company will ring fence the fund raised through this route for a dedicated project (integrated township) through an escrow account,' a senior company official requesting anonymity said.

Times of India