Unitech Office Trust to offer units in Singapore

Unitech Ltd has announced that Unitech office Trust ("UOT") (a business trust proposed to be formed and registered under the laws of Singapore) is contemplating offer of its units for subscription by the investors, including the public in Singapore, by way of an initial public offering in Singapore ("IPO"), which is proposed to be listed on the Main Board of Singapore Exchange Securities Trading Ltd ("SGX-ST"). In pursuance of the aforesaid, SGX-ST has granted the 'Eligibility to list' to UOT on January [09], 2008, subject to the conditions specified therein.

Initially, the wholly owned subsidiaries of UOT shall hold the entire shareholding of three (3) Indian Companies holding the development properties in India i.e. two (2) IT / ITES SEZs located in Gurgaon and Kolkatta and one (1) IT Park located in NOIDA. The wholly owned subsidiaries of UOT shall acquire the shareholding in the aforesaid three (3) Indian Companies from its current shareholders i.e. Unitech Corporate Parks Plc. (an AIM listed entity), Maxion Ltd and Unitech Ltd (including its affiliates).

The development properties comprise of:

(I) InfoSpace Gurgaon ("G2-IST"), a Government of India notified IT/ITES SEZ located in Dundahera, Gurgaon, Haryana with an estimated total lettable area of approximately 3,650,000 sq ft upon completion. G2-IST is being co-developed by Unitech Developers and Projects Ltd over 27.7 acres of land parcel, pursuant to certain Joint development and co-development agreements;

(II) InfoSpace Kolkata ("K1"), a Government of India notified IT/ITES SEZ located in Rajarhat, Kolkata, West Bengal with an estimated total lettable area of approximately 4,350,979 sq ft upon completion. K1 is being developed by Uniteth Hi-Tech Structures Ltd, over leasehold land parcel of 45.40 acres; and

(III) InfoSpace Noida ("N1") an IT Park located in Noida, Uttar Pradesh with an estimated total lettable area of approximately 2,064,000 sq ft upon completion. N1 is being developed by Shantiniketan Properties Ltd, over a land parcel admeasuring 19.3 acres, leased to it by the NOIDA Authority.

In lieu of the acquisition of the stake of Unitech Ltd (including its affiliates) by the subsidiaries of UOT in the three (3) Indian Companies holding the aforesaid development properties, Unitech Ltd (including its affiliates / subsidiaries) will be allotted appropriate number of its units by UOT.

Source : Equity Bulls

Keywords