India’s second largest real estate firm Unitech is preparing to acquire its London’s AIM-quoted Unitech Corporate Parks (UCP), in a deal that could cost more than Rs 750 crore.
Reports suggest that Unitech has been pursuing discussions with the independent directors of Unitech Corporate Parks, where Unitech’s operations act as investment adviser, investment manager and project manager.
Unitech possesses 4.52 per cent of the Unitech Corporate Parks, while 0.22 per cent is owned by two related individuals.
Unitech has 31 pence per share Unitech Corporate Parks, up from its share price of around 30 pence at AIM exchange on Wednesday. The announcement of the acquisition plans boosted shares in Unitech Corporate Parks by around 10 per cent compared to Tuesday’s price. The proposed offer of 31 pence per share represents a premium of more than 22 per cent on the closing middle market price of 25.25 pence per share on 26th of July 2010.
Top shareholders in Unitech Corporate Parks include banking giant HSBC, ABN Amro, Morgan Stanely Securities, and Roveda Holdings. ABN Amro owns 20.7 per cent stake in UCP, while HSBC, Roveda Holdings and Morgan Stanely Securities own 15.9 per cent, 9.2 per cent and 7.4 per cent stake respectively.
The potential deal has been announced around three month after Unitech announced the demerger of its infrastructure business in a separate company, called Unitech Infra.
Unitech Corporate Parks, which raised around 360 million pounds via AIM exchange in December 2006, was established by Unitech to make investment in the commercial real estate sector throughout India which is being developed specifically for IT and ITES sectors.
Reports suggest that Unitech has been pursuing discussions with the independent directors of Unitech Corporate Parks, where Unitech’s operations act as investment adviser, investment manager and project manager.
Unitech possesses 4.52 per cent of the Unitech Corporate Parks, while 0.22 per cent is owned by two related individuals.
Unitech has 31 pence per share Unitech Corporate Parks, up from its share price of around 30 pence at AIM exchange on Wednesday. The announcement of the acquisition plans boosted shares in Unitech Corporate Parks by around 10 per cent compared to Tuesday’s price. The proposed offer of 31 pence per share represents a premium of more than 22 per cent on the closing middle market price of 25.25 pence per share on 26th of July 2010.
Top shareholders in Unitech Corporate Parks include banking giant HSBC, ABN Amro, Morgan Stanely Securities, and Roveda Holdings. ABN Amro owns 20.7 per cent stake in UCP, while HSBC, Roveda Holdings and Morgan Stanely Securities own 15.9 per cent, 9.2 per cent and 7.4 per cent stake respectively.
The potential deal has been announced around three month after Unitech announced the demerger of its infrastructure business in a separate company, called Unitech Infra.
Unitech Corporate Parks, which raised around 360 million pounds via AIM exchange in December 2006, was established by Unitech to make investment in the commercial real estate sector throughout India which is being developed specifically for IT and ITES sectors.
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