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| Edited By: Vivek Seal |Source: DNA |Updated: Mar 17, 2018, 05:00 AM IST
Unitech Ltd is looking to sweeten the deal to buy the 94.5% stake in Unitech Corporate Parks Inc (UCP), which is listed on the Alternative Investment Market of the London Stock Exchange.
According to sources familiar with the development, the hiked offer could be 10-30% more than their last offer price of 31 pence/share.
UCP stock has already touched 30 pence in the past few days.
The Unitech offer is for the assets that were sold by it in 2007 for over $500 million. The existing offer values the assets at a significant discount, at $178 million.
Unitech has not yet made an official offer for the stake and is currently discussing with the independent directors of UCP.
When contacted by DNA, a company spokesperson refused to comment on “market speculations”.
UCP raised $700 million by listing itself in 2006. Unitech sold 60% stake in six commercial properties such as special economic zones (SEZ) and IT parks in Gurgaon, Noida and Kolkata to UCP before the listing.
Unitech provides management services to UCP to get clients.
