HDIL EGM approves raising US$ 600 million

Housing Development & Infrastructure Ltd (HDIL) has announced that the Shareholders the at Extra Ordinary General Meeting (EGM) of the Company held on June 17, 2009 inter alia, have passed the resolution to issue Equity Shares upto USD 600 Million (United States Dollars Six Hundred Million only) or its Indian Rupee equivalent under Qualified Institutions Placement to Qualified Institutional Buyers.

The EGM also approved proposal to offer, issue, allot and deliver upto 26,000,000 (Two Crores Sixty Lakhs Only) warrants on preferential basis to Mr. Rakesh Kumar Wadhawan, Executive Chairman and the Promoter of the Company.

The stock was trading at Rs.267.30, up by Rs.5.75 or 2.20%. The stock hit an intraday high of Rs.269.90 and low of Rs.261.

The total traded quantity was 2030438 compared to 2 week average of 5568179.

Source : Equity Bulls

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