HDIL, Sobha shareholders’nod for fund raising
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.
source: Business-Standard
Tags: best stocks in realty sector, buy or sell HDIL, buy or sell Sobha, hdil, hdil shareholders, hot tips, realty stocks, sobha
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