HDIL promoter Sarang Wadhawan to infuse Rs. 200 crore in the company
Sarang Wadhawan, promoter of realty developer Housing Development & Infrastructure Ltd (HDIL) is planning to infuse Rs 200 crore in the company through a preferential issue. The company had earlier approved the proposed issue of share warrants convertible into equity shares to Wadhwan. The proposal is subject to approval of shareholders, HDIL said in a regulatory filing.
The company has reported 64% on-year rise in consolidated net profit at Rs 60.97 crore for the quarter ended September. Total income, however, declined 27% from a year ago to Rs 163.07 crore.