Unitech to raise Rs 6120 Crores by 60% stake sale in Telecom arm

Unitech Ltd has announced that Telenor has entered into a definitive agreement with Unitech Ltd and its Telecom Companies ("Unitech Wireless") whereby Telenor will invest over Rs 6,120 crores to subscribe to new shares in Unitech Wireless, resulting in an enterprise value of Rs 11,620 crores. Subject to the regulatory approvals, Telenor will hold upto 60% stake in Unitech Wireless.

This alliance will benefit from Telenor's substantial experience in both high growth and mature telecom markets and Unitech's proven track record and reputation as one of India's most respected business groups.

The Stock was trading at Rs.50, up by Rs.7.30 or 17.10%. The stock hit an intraday high of Rs.54 and low of Rs.47.10.

The total traded quantity was 11692905 compared to 2 week average of 10239462.

Source : Equity Bulls

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