Unitech Board forms restructuring committee

Unitech Board forms restructuring committee
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First Published: Tue, Apr 06 2010. 11 32 PM IST
Updated: Tue, Apr 06 2010. 11 32 PM IST
New Delhi: Real estate firm Unitech Ltd has informed the BSE that the Board of Directors of the company at its meeting held on Tuesday has constituted a committee of directors named as restructuring committee.
The company in its statement filed with the BSE said, “The committee will explore, consider and evaluate opportunities and suggestions for potential merger of subsidiaries, de-merger and other forms of restructuring, or acquisition, or spin-off with the ultimate object of enhancing and unlocking shareholders value and to do all such acts, deeds and things as may be considered necessary and expedient by it including finalization of the corporate restructuring scheme.
According to the statement, the Board has also approved the appointment of Ernst and Young, S R. Batliboi & Co. and Amarchand & Mangaldas & Suresh A. Shroff & Co., as advisors to the company to assist the restructuring committee in the proposed corporate restructuring.
Unitech Ltd has earlier informed the BSE that the committee of directors (CoD) of the company at its meeting held on March 29, 2010, has allotted five crore equity shares of Rs2 each at a premium of Rs48.75 per share to Harsil Projects Pvt. Ltd, a promoter group company, upon conversion of five crore number of warrants into equivalent number of equity shares by way of preferential allotment.
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First Published: Tue, Apr 06 2010. 11 32 PM IST