Housing Development and Infrastructure Limited (HDIL), a Mumbai-based developer, today said its shareholders have passed resolutions to raise upto $ 600 million (Rs 2880 crore) through a qualified institutional placement (QIP) of shares to institutional investors.

The proceeds are expected to go towards reducing debt on its books. The company had a total debt of  Rs 4143.31 crore on its books in 2008-09.

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In another development, Bangalore-based Sobha Developers said its shareholdes have approved its plans to raise Rs 1500 crore through issue of shares and increase the foreign institutional investors investment in the company to 100 per cent of quity of the company.

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