Unitech spurts on buzz of shortlisting two bidders for Gurgaon SEZ

Unitech spurted 8.64% to Rs 17.60 at 15:15 IST on BSE on reports the company has shortlisted two buyers to bid for its 3.6 million square feet IT special economic zone in Gurgaon near Delhi.

Meanwhile, the BSE Sensex was down 81.32 points, or 0.44%, to 18,226.20.

On BSE, 32.90 lakh shares were traded in the counter compared with average volume of 45.40 lakh shares in the past two weeks.

The stock hit a high of Rs 18 and a low of Rs 15.60 so far during the day. The stock hit a 52-week low of Rs 14.65 on 6 August 2013. The stock hit a 52-week high of Rs 40.90 on 15 January 2013.

According to media reports, Unitech has shortlisted US-based private equity firm Blackstone and Singapore's sovereign wealth fund GIC to bid for its IT special economic zone (SEZ) in Gurgaon. The SEZ is likely to be sold for more than Rs 2700 crore, reports suggested, adding that the final buyer of SEZ will be decided by mid-September 2013.

Unitech Corporate Parks (UCP), a Unitech group firm listed on London's Alternative Investment Market and set up to invest in commercial real estate of India, has 60% stake in the Gurgaon SEZ comprising 3.6 million square feet commercial space. Unitech has remaining 40% stake in the SEZ.

According to reports, Unitech is expected to get around Rs 1100 crore from the transaction. The company will reportedly use the proceeds to reduce its debt.

On a consolidated basis, Unitech's net profit rose 37.1% to Rs 62.89 crore on 40.4% increase in net sales to Rs 572.57 crore in Q1 June 2013 over Q1 June 2012.

Unitech is a leading real estate developer in India. It offers the most diversified product mix comprising residential, commercial/IT parks, retail, hotels, amusement parks and SEZs.

Powered by Capital Market - Live News