Unitech gains after settlement with Telenor

Unitech is trading higher by over 4% at Rs 24.20 after the real estate developer said that it has amicably settled all disputes with Telenor.

“On 10th October 2012, Telenor and Unitech reached an agreement to amicably settle all disputes between the two parties,” Unitech said in a filing.

“It can be confirmed that the parties agree to support the transfer of the business in Unitech Wireless (Uninor) to a new entity (NewCo) controlled by Telenor. Unitech has agreed to dispose of its shareholding in Uninor for a nominal amount and Unitech shall continue to retain its economic rights associated with its current shareholding in Unitech Wireless,’’ the company said a statement.

The stock opened at Rs 23.65 and touched high of Rs 24.50 on the NSE. A total 9.59 million shares have already changed hands on the counter in morning trades against an average 23 million shares that were traded daily in past two weeks.