new delhi unitech corporate parks ucp the london listed unitech group firm today said the company has completed a deal to sell its stakes in six itsez projects in india to canadas brookfield asset management for 1889 million pounds about rs 1850 crore however the total sale proceeds are lower than the amount agreed initially in june at rs 2050 crore in june ucp had signed the agreement to sell its 60 per cent stake in the six projects to brookfield for about 2059 million pounds rs 2050 crore separately unitech had also sold its 40 per cent stakes in 4 projects to brookfield with completion of sale of ucps stake in six projects and unitechs 40 per cent stake in four projects sources said that unitech is likely to receive around rs 1500 crore from this entire deal and the fund would be used to retire debt unitechs net debt stood at around rs 5900 crore at the end of june quarter ucp and unitech were jointly developing five it special economic zones sezs and one it park in gurgaon noida and kolkata in these six projects ucp held 60 per cent stake and unitech 40 per cent that apart unitech had direct stake of about 1314 per cent in ucp recently the board of approval boa for sezs has cleared the deal of ucp to sell its stake in the 5 sezs in india to brookfield asset management in a statement ucp said the board of ucp is pleased to announce completion today of the sale of the entire issued share capital of candor the companys wholly owned subsidiary and holding company for all ucps property interests the consideration received from brookfield today amounted to 1889 million which reflects the announced sale price of 2059 million less an adjustment of 158 million in relation to certain funds placed with two financial institutions which had not been repaid by completion and 12 million in relation to payments made by candor to or on behalf of ucp prior to completion it added ucp said its board would write to shareholders in november to outline proposals for an initial cash distribution