Jan 15, 2014, 09.25 PM IST
According to sources, the company has decided to sell two hotels and it is in talks with the potential buyers.
Tags Unitech, Gurgaon, Unitech Corporate Parks, Blackstone, Singapore, Infospace, GIC, Noida
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Unitech in talks to sell 2 hotels in NCR for about Rs 600cr
According to sources, the company has decided to sell two hotels and it is in talks with the potential buyers.
Like this story, share it with millions of investors on M3
Unitech in talks to sell 2 hotels in NCR for about Rs 600cr
According to sources, the company has decided to sell two hotels and it is in talks with the potential buyers.
According to sources, the company has decided to sell two hotels and it is in talks with the potential buyers.
Unitech has an operational hotel in Gurgaon comprising 200 rooms, while it is constructing a 250-room hotel in Noida.
"Unitech has put Gurgaon and Noida hotels on the block. Hotel sales can fetch about Rs 600 crore," a source said, adding that transactions are likely to be completed by end of this fiscal.
When contacted, Unitech spokesperson declined to comment. In 2009, Unitech had sold its prime office complex at South Delhi for over Rs 500 crore and also a budget hotel in Gurgaon for about Rs 200 crore.
The company's share price today rose by 5.22 per cent to close at Rs 14.10 apiece on BSE.
Apart from these two hotels, Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore.
Unitech is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft. UCP holds 60 per cent in this project, while Unitech has the remaining stake.
It is also in talks to sell some land parcels in its townships in South India estimated at around Rs 400 crore.
Unitech stock price
On January 15, 2014, Unitech closed at Rs 14.10, up Rs 0.70, or 5.22 percent. The 52-week high of the share was Rs 40.90 and the 52-week low was Rs 13.30.
The company's trailing 12-month (TTM) EPS was at Rs 0.56 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 25.18. The latest book value of the company is Rs 37.42 per share. At current value, the price-to-book value of the company is 0.38.
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