Unitech to spin off biz including telecoms
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
- Share this
- Digg this
- TCS, Mitsubishi to form software services company
- Bangalore-bound Malaysian plane lands safely after landing gear scare
- India passes halfway mark in election with BJP gaining strength
- Bangalore-bound Malaysia Airlines plane turns back after tyre burst on takeoff
- BSE Sensex gains to near record high; Wipro slumps
Iron Ore Mining
Bangalore-bound Malaysia Airlines plane turns back after tyre burst on takeoff Full Article