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Mumbai: Realty firm Housing Development & Infrastructure Ltd (HDIL) said it will raise 600 million dollars (about Rs 2,875.67 crore) through private placement of shares to qualified institutional buyers.
The shareholders of the company have approved the proposal "to issue equity shares up to 600 million dollars under qualified institutions placement (QIP) to qualified institutional buyers", HDIL said in a filing to the Bombay Stock Exchange.
Further, the shareholders have approved the proposal "to offer, issue, allot and deliver up to 2.60 crore warrants to its Executive Chairman and a promoter of the company, Rakesh Kumar Wadhawan, on a preferential basis.
Facing the problem of credit crunch, a number of realty firms, including Unitech, Omaxe and Ansal Infra, are planning to raise funds through the issue of securities on qualified institutions placement basis.
Shares of HDIL were trading at Rs 262.45, marginally up by 0.34 per cent in the afternoon trade on the BSE.
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