Unitech today said that it has agreed to dispose its entire stake in Uninor for a nominal amount and both companies have amicably settled all legal disputes between them.
Shares of the company was seen trading higher by 15.98% to Rs 26.85 on BSE at 2.50 pm IST. It touched an intra-day high of Rs 27.15
Unitech did not revel on the settlement due to confidentiality obligations. However, Unitech shall continue to retain its economic rights associated with its current shareholdings in Unitech wireless.
Telenor and Unitech are pleased to announce that on October 10, 2012, they have reached an agreement to amicably settle all disputes between the two parties," the realty firm said in a statement. As per the agreement, Unitech and Telenor have agreed to transfer the business in Unitech Wireless (which operates under Uninor brand) to a new entity controlled by the latter. Unitech said it has "agreed to dispose of its shareholding in Uninor for a nominal amount" and its nominees will withdraw from the Uninor Board with immediate effect.
"Subsequent to a successful business transfer and spectrum auction, all disputes and claims between the parties would be withdrawn," the statement said. With the settlement of disputes with Telenor, Unitech Group will focus on its core business of real estate and monetise its land parcels across the country to enhance the stakeholder's value.