Indian developer plans US$600m share sale

MUMBAI: India’s Housing Development & Infrastructrure Ltd (HDIL) said late last Saturday its board had approved selling shares for up to US$600 million (US$1 = RM3.50) to institutional investors.

HDIL, the latest firm to look at an equity sale after a strong stock market rally, said in a stock exchange statement it would seek shareholders approval for the share sale and a share warrants issue to founders on June 17.

India’s benchmark index has risen nearly three-fourths from its lows in March prompting firms to look at share sales.

By Reuters