Unitech touches the roof on acquiring stake in M/s Unitech Holdings
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Unitech is currently trading at its upper limit of Rs. 10.97, up by 0.52 points or 4.98% from its previous closing of Rs. 10.45 on the BSE.
The scrip opened at Rs. 10.56 and has touched a high and low of Rs. 10.97 and Rs. 10.32 respectively. So far 4637877 shares were traded on the counter.
The BSE group 'Z' stock of face value Rs. 2 has touched a 52 week high of Rs. 19.88 on 06-Feb-2024 and a 52 week low of Rs. 2.18 on 10-Oct-2023.
Last one week high and low of the scrip stood at Rs. 10.97 and Rs. 9.68 respectively. The current market cap of the company is Rs. 2870.08 crore.
The promoters holding in the company stood at 5.13%, while Institutions and Non-Institutions held 1.20% and 93.67% respectively.
Unitech has paid consideration for acquiring 9,37,500 equity shares of face value of Rs 10 each at a premium of Rs 150 per equity share, of M/s Unitech Holdings (UHL), a wholly-owned subsidiary of the Company, for an amount aggregating to Rs 15.00 crore, on rights issue basis. Upon completion of the Transaction, M/s Unitech Holdings, will continue to be a wholly-owned subsidiary of the Company.
The objective of acquisition is to maintain the prescribed Net Owned Fund (NOF) in the case of UHL, (holding Strategically Important Assets), an NBFC in compliance with RBI Regulations and Directions. With the current investment, the Company's shareholding in UHL remains at 100%.
Unitech is one of India's leading Real Estate player.
