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Unitech rises 2% after govt`s nod to Telenor for stake hike

Shares of Unitech, rose by 2.35 per cent on the Bombay Stock Exchange in late morning trade on Tuesday, a day after the government approved Telenor`s proposal for hiking stake in joint venture Unitech Wireless.

Updated: Oct 20, 2009, 12:14 PM IST

Mumbai: Shares of Unitech, the country`s
second largest realty firm, rose by 2.35 per cent on the
Bombay Stock Exchange in late morning trade on Tuesday, a day after
the government approved Norwegian firm Telenor`s proposal for
hiking stake in joint venture Unitech Wireless to 74 per cent.

Unitech Wireless is a telecom joint venture between the
realty firm and Telenor.
The scrip was quoted at Rs 106.70 on BSE at 1100 hrs, up
2.35 per cent over its previous close.

The shares rose by 2.49 per cent to Rs 106.90 on the
National Stock Exchange. The scrip had surged by 8.24 per cent
to touch a high of Rs 112.90 in the opening trade.

Over 1.29 crore shares of the company were traded on the
two exchanges.
The Cabinet Committee on Economic Affairs yesterday
approved Telenor`s proposal for raising stake in Unitech
Wireless to 74 per cent.

The company plans to start services in December under
Uninor brand in eight circles.

Bureau Report