HDIL to enter capital market with IPO on June 28

By Staff
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Google Oneindia News

Mumbai, June 21: Housing Development and Infrastructure Limited (HDIL), a real estate developer under the flagship of Wadhawan group, will enter the capital market with its public issue of 29,700,000 equity shares on June 28.

The company will raise about Rs 1500 crore through the initial public offer for which the price band has been fixed at Rs 430 to Rs 500 per equity share of Rs 10 each. The issue will open on June 28 and close on July 3, the company said here today.

According to the company, the net issue will constitute 13.86 per cent fully diluted post issue paid-up capital of the company, which will stand at 15.65 per cent if the Green Shoe option is fully exercised. At least 60 per cent of the net issue will be allocated on a proportionate basis to QIBs, out of which 5 per cent will be available for allocation on proportionate basis to Mutual Funds. The remaining 10 per cent of the net issue will be allocated on proportionate basis to non-institutional bidders and 30 per cent of net issue will be allocated on same basis to retail individual bidders.

As on the financial year ended on March 31, 2007, the HDIL's earning per share stood at Rs 30.45 and return on net worth stood at 74.86 per cent for the year. The net worth of the company was at Rs 734 crore as against secured and unsecured loans of Rs 376 crore providing a debt:equity ratio of 0.51 per cent.

UNI

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