HDIL IPO subscribed 6.5 times

Mumbai, July 3 (UNI) Housing Development and Infrastructure Limited (HDIL)'s Initial Public Offer (IPO) was subscribed 6.5 times when the issue closed today.

HDIL IPO had hit the capital market on June, 28 with an offer of 29.7 crore equity shares having a price band of Rs 430-500.

The net issue constituted 13.86 percent of the fully diluted post issue paid-up capital of the company and had a gree shoe option of 15.65 percent.

HDIL, a part of the Wadhawan Group, has been involved in real estate development in the Mumbai Metropolitan Region for almost three decades, said a company release.

The Company has approximately 112.1 million square feet of Land Reserves and had posted a turnover Rs 12.04 billion for the year ended March 3, 2007.

UNI