HDIL IPO price band fixed at Rs 430 to Rs 500 per share

Bangalore, Jun 27 (UNI) Mumbai based Housing Development and Infrastructure Limited, a real estate development company, is entering the capital market on June 28 with a public issue of 29,700,000 equity shares of Rs 10 each with a price band between Rs 430 and Rs 500 per share.

Briefing newsmen here Company Director Joseph Pattathu said the company proposed to utilise the net proceeds of the issue to part finance the acquisition of land and land development rights for its ongoing and planned projects and construction of its ongoing projects. The company had land reserves of approximately 112 million square feet of saleable area with around 82 per cent of the land reserves in Mumbai Metropolitan Region, he added.

He said the company's turnover from sales of projects for the year ended March 31,2007 was Rs 1204.19 crore as against Rs 438.86 crore during last year.

UNI