**[investwise]** HDIL Goes For The Jugular, Raises $650 mn through QIP

 

Housing Development and Infrastructure Ltd has informed BSE that subsequent to the approval accorded by the shareholders of the Company by a special resolution under Section 81(1A) and other applicable provisions of the Companies Act, 1956, at their annual general meeting held on August 27, 2010, to the issue and allot equity shares for cash either at par or premium aggregating to an amount not exceeding USD 650,000,000 (United States Dollar Six Hundred and Fifty Million), to the Qualified Institutional Buyers ("QIBs"), the QIP Committee (as empowered by the Board at its meeting held on August 27, 2010) has, decided to make an issuance of equity shares of face value Rs. 10 each of the Company, to the QIBs under the said Placement and for this purpose, to open the issue. Further the Company has informed that, the floor price in respect of the aforesaid placement, based on the pricing formula as prescribed under Regulation 85 of the SEBI Regulations is Rs. 268.18 per equity share, and the relevant date for this purpose, in terms of Regulation 81(c) of the SEBI Regulations, is September 13, 2010. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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