May also list the new company.
Unitech Ltd, the country’s second largest real estate company, is planning to demerge its non-core businesses, like telecom, from the company to unlock value for shareholders, sources said here today.
The new company would include Unitech’s telecom, hotel, SEZs and construction businesses, they added. Unitech also plans to list the new company, sources said, adding that Unitech shareholders would get shares in the new company at a swap ratio which will be decided in due course.
The Unitech spokesperson declined to comment. IDFC and UBS, sources said, are the advisors for the demerger process.
“The objective is to unlock the value of non-core businesses for Unitech shareholders. The current market price does not reflect the value embedded in the various non-core businesses of the company,” a source said.
Unitech’s holding in its telecom joint venture ‘Uninor’ would be transferred to the new company, sources said. Norway’s Telenor holds 67.25 per cent stake in Uninor, while the remaining is with Unitech.
Telenor paid over Rs 6,000 crore for the stake, thus valuing the company at close to Rs 10,000 crore. Uninor has operation in eight telecom circles and is planning to ramp up the business in coming months.
Shares today closed at Rs 73.70, up 0.07 per cent.
