HDIL to allot 5 million shares on conversion of warrants

Housing Development and Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on July 29, 2010, inter alia, has considered and approved the proposal to allot 50,00,000 equity shares to promoter, consequent upon conversion of warrants.

The Company would explore possibility of Augmentation of Capital through Capital Market and seek shareholders' approval at the ensuing Annual General Meeting.

The Board will consider proposal to issue 2,60,00,000 (Two Crores and Sixty Lakhs), convertible share warrants to promoter.

The Board also approved proposal to convene 14th Annual General Meeting to be held on August 27, 2010.

The stock was trading at Rs.265.10, up by Rs.7.25 or 2.81%. The stock hit an intraday high of Rs.267.50 and low of Rs.253.70.

The total traded quantity was 1469838 compared to 2 week average of 949283.

Source : Equity Bulls

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