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Thursday, March 18, 2010

Unitech considers demerger of non-core biz: Sources

In a move to unlock value in the non-core business, India’s leading real estate developer, Unitech is considering to demerge the business, sources told CNBC-TV18's Nayantara Rai. The demerged entity may include telecom, hotels as well as special economic zones (SEZs). However the final decision or announcement is likely to be made in three to four weeks.

Post demerger, Unitech would be a pure real estate company, sources inform. It is also being learnt that UBS and IDFC-SSKI are advisors to the company’s restructuring plan.

However, the company has declined to comment on any market speculation.

Unitech has touched an intraday high of Rs 75.05 and an intraday low of Rs 73.25. At 1:15 pm, the share was quoting at Rs 74.05, up Rs 0.40, or 0.54%.

It was trading with volumes of 3,586,976 shares. Yesterday the share closed down 1.80% or Rs 1.35 at Rs 73.65.

The company's trailing 12-month (TTM) EPS was at Rs 1.69 per share. (Dec, 2009). The stock's price-to-earnings (P/E) ratio was 43.82.

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