Promoter to infuse up to Rs 150 crore in HDIL through share warrants
MUMBAI: Promoter of realty developer Housing Development and Infrastructure Ltd (HDIL) will infuse up to Rs 150 crore fresh capital in the company. The capital will be infused through a preferential issue of share warrants to promoter Sarang Wadhawan.
These warrants priced at Rs 96.35 per warrant will be issued at a premium of 3.79% over the minimum price as per SEBI ICDR regulations, the company said in a statement. These share warrants will be issued at Rs 100 and will be convertible in to equivalent number of equity shares of face value of Rs 10 each.
As on May 28th, promoters’ stake in the company stood at 34.25% and the same would increase to 37.38% upon conversion of all the warrants.
For the year ended 2015-16 (April-March), the company reported a consolidated profit of Rs 266.13 crores and income of Rs 1,192 crores.