Housing Development and Infrastructure Ltd (HDIL), the country’s third-largest property developer, plans to launch its second qualified institutional placement (QIP) issue next week.
The company plans to raise as much as Rs 2,000 crore from the share sale. Two days ago, the company had given a seven-day notice to the exchanges regarding its QIP.
In its first QIP in July last year, HDIL raised Rs 1,688.40 crore from global investors. The end use of the second QIP could not be ascertained as company executives could not be contacted.
HDIL raised Rs 825 crore in the last few weeks through issue of debentures to financial institutions to retire its high-cost debt. The company has a total debt of Rs 3,300 crore.
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