HDIL to raise US$ 600 million

Housing Development & Infrastructure Ltd (HDIL) has announced that the Board of Directors of the Company at its meeting held on May 23, 2009, inter alia, has decided subject to the approval of the Shareholders, to issue further capital upto USD 600 Million (United States Dollars Six Hundred Million only) or its Indian Rupee equivalent to Qualified Institutional Buyers.

The Board has also decided to make preferential allotment of warrants to the Promoter of the Company.

To Convene an Extraordinary General Meeting of the Shareholders of the Company on June 17, 2009 to issue Shares to Qualified Institutional Buyers under Qualified Institutions Placement upto USD 600 Million (United States Dollars Six Hundred Million only) or its Indian Rupee equivalent and Preferential issue/allotment of warrants to Promoter.

The Board has also decided to hold the Annual General Meeting of the Company at a later date to be decided at the next Board Meeting.

The Board has decided not to recommend payment of dividend.

The stock closed the day at Rs.306.95, up by Rs.6.65 or 2.21%. The stock hit an intraday high of Rs.311.80 and low of Rs.296.70.

The total traded quantity was 7017917 compared to 2 week average of 8695362.

Source : Equity Bulls

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