The Hindu : Business : HDIL to tap market

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Friday, Jun 22, 2007
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Business

HDIL to tap market

Staff Correspondent

PHOTO: VIVEK BENDRE

REALTY FOCUS: R. K. Wadhawan (right), Chairman, Housing Development & Infrastructure Ltd. (HDIL) and Sarang Wadhawan, Managing Director, addressing a press conference in Mumbai on Thursday.

MUMBAI: Housing Development and Infrastructure Ltd. (HDIL), a real estate company with significant operations in the Mumbai Metropolitan Region, is tapping the capital market with an initial public offering of 2.97 crore equity shares. The issue will open on June 28 and close on July 3 and will comprise 2.97 crore equity shares of Rs. 10 each through a 100 per cent book building process.

The price band has been fixed at Rs. 430 to Rs. 500 per equity share.HDIL is part of the Wadhawan Group (formerly known as the Dheeraj Group) which has been in the real estate development business in MMR for around three decades. Dewan Housing Finance Ltd., a listed company, is also part of the Wadhawan Group.

As of May 31, the Wadhawan Group has developed about 73.2 million sq. ft. of saleable area, which includes 13.7 million square feet of retail, 35.6 million sq. ft. of land development and 7.9 million sq. ft. of saleable area under slum rehabilitation schemes (SRS). It has additionally constructed about 5.5 million sq. ft. of rehabilitation housing area under SRS.The company proposes to use the proceeds of the issue to partly finance acquisition of land and land development rights for its ongoing and planned projects and construction of its ongoing projects.

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