UNITECH has formed a panel of five board members to push the demerger of its non-core businesses into a separate entity as the country’s second-largest real estate developer looks to focus on its mainstay, realty.
The company plans to hive off its investments in telecom, hotel and special economic zones into a new offshoot, said a senior executive, requesting anonymity. Unitech owns a 33% stake in Uninor, a telecom joint venture with Norway’s firm Telenor.
All Unitech shareholders will get proportionate shares in the new entity after listing, he said, adding that the restructuring will help unlock value for them.
Unitech shares closed marginally higher at Rs 76.55 on the BSE on Tuesday. At this price, the company’s market capitalisation is a little more than Rs 18,000 crore.
Consultants Ernst & Young and SR Batliboi & Co as well as legal firm Amarchand & Mangaldas will advise the panel about the restructuring.
Courtesy:-ET dt:- 07-April-2010
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