Dewan Housing clarifies on acquisition news

With reference to the news item appearing in a leading portal titled "Dewan Housing believed to be looking at picking up stake in Housing Development & Improvements", Dewan Housing Finance Corporation Ltd has clarified to BSE that:

1. The Company in ordinary course of business, has invested and acquired 27 lakh Equity shares of M/s Housing Development & Improvement India Ltd (HDIL), a closely held Unlisted Public Limited Company. This investment works out to 1.50% of the total issued and paid up capital of HDIL.

2. HDIL is an independent company, and as such the business details of the same are not available with us and hence the Company is unable to provide details on the items as referred in the article.

3. Promoters of the Company has promoted an independent company viz., M/s Wadnawan Food Retail Pvt Ltd, a retail chain stores company, operating under the brand name of Spinach and its has opened several retail outlets. This Company is also managed independently and professionally.

Source : Equity Bulls

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