Unitech acquires stake in M/s Unitech Holdings

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.