India's leading Real Estate and Infrastructure Company Unitech has announced for a share swap. The board of Unitech has decided to go for a 1:1 share swapping.

The company is the second largest real estate developer by market capitalization in India. As per sources the company has made such move to demerge its subsidiary Unitech Infra.

Last year the firm was among the most recession affected companies in India. Its share price had come down to as low as Rs. 25 at the time of deep recession and global economic crisis.

But with the recovery of economy it has managed to introduce some of its new projects and now has decided to go for a share swap with its subsidiary company Unitech Infra. The parent company is keen on its core business of building and selling properties.

The promoters will hold 35% or about 1,408 million of equity shares of Unitech Infra. Rest of the shares will be held by the public. According to Saurabh Kumar and Gunjan Prithyani of JP Morgan, the total valuation of these assets of the company would be around Rs 16 per share.