HDIL to enter capital market on June 28

Bangalore, June 27 (UNI) The Mumbai-based real estate development company Housing Development and Infrastructure Limited (HDIL) 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 newspersons here, HDIL Director Joseph Pattathu said the company proposed to utilise the net proceeds of the issue to part finance land acquisition and land development rights for its ongoing and planned projects.

The company had land reserves of approximately 112 million sqft with around 82 per cent of the land reserves in Mumbai Metropolitan Region.

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

UNI