Real estate developer Housing Development & Infrastructure Ltd (HDIL) is looking to raise up to $400 million through issue of fresh securities, according to a stock market disclosure.
Its board approved fundraising in a meeting held on Friday. The proposal is however subject to approval from the shareholders at the forthcoming annual general meeting of the company.
The company did not say for which purpose it’s looking to raise funding and what all routes it may explore for the securities issue.
HDIL scrip last traded at Rs 101.55 per shares, up 5.62 per cent on the Bombay Stock Exchange in strong Mumbai market on Friday.
Meanwhile, the realtor announced its results for the last quarter and the full year. It posted net profit of Rs 113.5 crore for the fourth quarter ended March 31, 2014 as against net loss of Rs 279.95 crore in the year-ago period. Total income grew to Rs 259.27 crore as against Rs 155.53 crore in the same period.
For the full year it posted net profit of Rs 177.57 crore with total income of Rs 953.64 crore.