Unitech shares hit 5% upper circuit in morning trade after the company announced the acquisition of 9,37,500 equity shares of its wholly-owned subsidiary, Unitech Holdings Limited (UHL), via a rights issue. The shares having a face value of ₹10 were acquired at a premium of ₹150 per share, resulting in a total investment of ₹15 crore.
Unitech Holdings Limited, a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI), holds strategically significant assets. The acquisition assures compliance with RBI regulations regarding Net Owned Fund (NOF) standards. This deal will keep Unitech Limited’s 100% ownership of UHL, which is in line with the company’s strategic financial objectives.
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