Market Pulse
Sensex losers, gainers this week
It was a tough week for Indian shares as the BSE Sensex fell nearly 3 percent and the Nifty lost 3.3 percent as U.S. Fed chief Bernanke’s suggestion that stimulus measures may be scaled back at one of their next few meetings dented sentiment. Here's a look at the top Sensex losers and gainers. Full Article
REUTERS SHOWCASE
Revenge of Markets
For months, markets have been dancing to central bankers' tune, but that may now be changing, writes James Saft. Full Article
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
Unitech to spin off biz including telecoms
Track Markets: BSE Sectoral Indices
Track and analyse performance of all BSE sectoral indices and other global indices on a single page. Full Coverage
A labourer works at a construction site in Lucknow February 7, 2006.
Credit: Reuters/Pawan Kumar/Files
NEW DELHI |
NEW DELHI (Reuters) - Unitech Ltd, India's second-largest listed real estate firm, said late Tuesday it would spin off its infrastructure businesses including its investment in a telecoms firm into a separate company as it aims to unlock value.
For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges, said New Delhi-based Unitech in a statement after a board meeting.
Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones, it said.
Currently, Unitech owns about 33 percent stake in telecoms firm Unitech Wireless, the Indian joint venture partner of Norway's Telenor.
In February, Telenor completed its stake buy in the telecoms venture, taking its holding to an agreed 67.25 percent.
While Unitech will own 35 percent of Unitech Infra, the realtor's existing shareholders will own the remainder.
Unitech said its board has approved constituting a committee to explore potential local and overseas acquisitions.
Prior to the announcement, Unitech shares closed 4.6 percent higher at 83.50 rupees in a Mumbai market.
(Reporting by Devidutta Tripathy; editing by Malini Menon)
(For more business news on Reuters Money visit www.reutersmoney.in)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters