Housing Development and Infrastructure Ltd (HDIL) said on Thursday $ million (Rs crore) via qualified institutional placements (QIP). HDIL said it has raised $ million through sale of shares to qualified institutional investors. HDIL is planning to raise around Rs crore and Sobha Developers Rs crore through QIPs.
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The board on May 23 would consider proposal for fund raising through various means like QIP to Qualified Institutional Buyers, preferential allotment to the promoters and any such manner or way the board may deem fit,” HDIL said in a filing to the Bombay Stock Exchange. Reeling under acute cash hddil, a host of real estate companies are now resorting to QIP and preferential aip of warrants to promoters to strengthen their cash balance.
HDIL to garner funds through QIP route
Yesterday, Indiabulls Real Estate raised Rs 2, The promoters of country’s second largest realty firm Unitech are also looking to raise their stake by about 10 per cent in the company by subscribing to warrants worth about Rs 1, crore over the next 18 months.
Last month, it had raised Rs 1, crore via QIP to fund various projects and retire part of its Rs 8,crore debt.
Besides, the promoters of country’s largest realty firm DLF had last week sold 9. My Saved Articles Sign in Sign up. Find this comment offensive?
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