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.
Analysts expect the promoters to dilute 10-11 per cent of their holdings in the share sale. Promoters now hold 61.50 per cent stake in the company.
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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app