Rs 2880 crore by QIP, HDIL
HDIL (Housing Development & Infrastructure Ltd), is planning to raise money through QIP route as its debt on its books rises 33% from Rs 3112 crore in 2007-08 to Rs 4143 crore in 2008-09. HDIL is a Mumbai-based property developer and it will sell shares worth Rs 2,880 crore to institutional buyers to reduce debt on its books.
Promoters of HDIL hold 61.50% stake in the company and Analysts expect that promoters will dilute 10 to 11% of their holdings in this QIP sale.
The company encouraged to raise money through QIP as its peers already raised money through this method successfully in recent past. The country’s second -largest developer Unitech, raised Rs 1,625 crore, Indiabulls Real Estate raised Rs 2,656 crore this week and DLF raiseD Rs 3,860 crore earlier this month.
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