Unitech eyes demerger

The board,in its meeting,has appointed Ernst amp; Young,S R Batliboi amp; Co and Amarchand amp; Mangaldas amp; Suresh A Shroff amp; Co as advisors to assist the restructuring committee in the proposed corporate restructuring,Unitech said in a filing to the BSE.

Earlier,industry sources had said the realty major is planning to demerge its non-core businesses of telecom and hotels.

The new infrastructure company would include Unitech8217;s telecom,hotel,SEZ and construction businesses,sources had said.

Unitech also plans to list the new company,sources had said,adding that the company8217;s shareholders would get shares in the new firm at a swap ratio,which will be decided in due course.

8220;The objective is to unlock the value of non-core businesses for Unitech shareholders. The current market price does not reflect the value embedded in the various non-core businesses of the company,8221; a source had said.

Shares of Unitech Ltd were quoting at Rs 76.80,higher by 0.46 per cent in afternoon trade on the Bombay Stock Exchange.