MUMBAI (Bloomberg) -- Unitech Ltd., India’s second-biggest developer, is selling shares worth 13.34 billion rupees ($277 million) to big investors, a person familiar with the sale said.

The company is offering 164.7 million shares at 81 rupees apiece, said the person, declining to be identified before a public announcement. Unitech’s stock was little changed at 82.25 rupees at 3:30 p.m. close of trading in Mumbai.
Unitech has been selling assets and shares this year to tide over a funds shortage and repay loans of 90.6 billion rupees. The company in April raised 16.2 billion rupees from a share sale and sold 10 billion rupees of property. Shareholders last week approved selling 11.55 billion rupees of warrants to founders and as many as 1 billion shares to investors. Founders will pay a fourth of the amount for the warrants this month.
The Gurgaon, New Delhi-based company has 48.4 billion rupees of reserves and surplus, it said on Friday.
Unitech Managing Director Sanjay Chandra and R. Nagaraju, general manager for corporate planning and strategy, did not respond to calls made on their mobile phones.
Credit Suisse Group AG, IDFC-SSKI Securities Pvt., Morgan Stanley and UBS AG are helping the developer raise the money. The share sale, which opened on Saturday, is scheduled to close on July 7, the person said.
CNBC TV-18 reported earlier on Saturday that the company plans to sell $275 million of shares to investors, citing no one.