HDIL to allot 13000000 shares

Housing Development and Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2010, has considered and approved the proposal to allot 130,00,000 equity shares to the Promoter against convertible warrants issued to him on July 02, 2009.

The Board approved proposal to make Investment in shares of BKC Developers Pvt. Ltd. thereby making it a subsidiary Company.

The Board also accepted request received from Mr. Kapil Wadhawan and Mr. Dheeraj Wadhawan to derecognize them as promoters of the Company subject to approval of the regulatory authorities.

The stock was trading at Rs.285.80, down by Rs.2.95 or 1.02%. The stock hit an intraday high of Rs.292.25 and low of Rs.285.05.

The total traded quantity was 1155994 compared to 2 week average of 1516758.

Source : Equity Bulls

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