Unitech to buy back UCP (Unitech Corporate Parks)
Unitech Ltd is planning to buy back its London’s AIM listed group firm UNITECH CORPORATE PARKS (UCP) formed in late 2006 by Unitech to invest in the commercial properties across the country and is in discussion with the independent directors of the UCP for a possible offer from UNITECH Group The deal is proposed with 31 pence per share and UCP share traded at 30 pence per share at AIM exchange and after proposed transaction was announced, it was up 13.2%. Company reported to BSE and the share dropped 2.6 % to closed at Rs 82.40 at BSE on Wednesday.
Composition of UCP, Unitech Ltd. and its promoters already holds 4.74% in it UCP’s top shareholders are ABN Amro, HSBC and Roveda holdings.It raised about €360 m through AIM exchange in Dec 2006.
This proposed deal declares within three months of Unitech Ltd. announcing demerger of its infrastructure business, including telecom into a separate entity UNITECH INFRA LTD.
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