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HDIL to raise up to Rs1,485 cr via IPO

HDIL to raise up to Rs1,485 cr via IPO
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First Published: Thu, Jun 21 2007. 05 10 PM IST
Updated: Thu, Jun 21 2007. 05 10 PM IST
PTI
Mumbai: Housing Development and Infrastructure (HDIL) announced on 21 June it will enter the capital markets with an initial public offering (IPO) to raise up to Rs1,485 crore to part-finance land acquisition for development of its ongoing projects.
The 100% book-building issue, to be opened between 28June and 3 July, would offer 29.7 million equity shares of Rs10 each at a price band of Rs430-500 each.
Of the total, there will be a green shoe option of up to 4.45 million equity shares while 600,000 shares would be reserved for eligible employees, HDIL group advisor, B M Chaturvedi, said here.
The net issue would constitute 13.86% of the fully-diluted post-issue equity capital of the company. However, if the green shoe option is also fully exercised, the dilution could be up to 15.65%.
Part of the Wadhawan Group, HDIL as of 31 May has 112.1 million sq ft of saleable area of which almost 83% is in the Mumbai Metropolitan Region. This includes 45.5 million sq ft of saleable area on which the company is currently working.
HDIL has developed 73.2 million sq ft of saleable area both for residential and commercial purposes.
Kotak Mahindra Capital Company and Enam Financial Consultants are the global coordinators and book-running lead managers to the issue.
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First Published: Thu, Jun 21 2007. 05 10 PM IST
More Topics: HDIL | IPO | Money Matters | IPOs |