Housing Development Infrastructure Ltd (HDIL) reported a 66 per cent decline in its net profit at Rs 107.47 crore for the first quarter ended June 30, 2009.
Total income nearly halved to Rs 318.62 crore during the April-June quarter, from Rs 601.13 crore in the corresponding period a year ago, HDIL said in a filing to the Bombay Stock Exchange (BSE).
Further, the board has approved the raising of up to USD 450 million (about Rs 2,179 crore) through issuance of further securities.
Earlier this month, the company had raised Rs 1,688.40 crore by way of private placement of shares to Qualified Institutional Investors and had also planned to raise Rs 624 crore by way of allotment of warrants to promoters.
Shares of HDIL were trading at Rs 267.65, down 7.19 per cent in afternoon trade on the BSE.