HDIL lists at Rs 538.60 on NSE

MUMBAI: Shares of Housing Development and Infrastructure Ltd listed at Rs 538.60, a premium of 8% on the National Stock Exchange. The issue was fixed at Rs 500 per share.

At 10:10 AM, the share was at Rs 552.40, up Rs 52.40 or 10.48%. It touched intra-day high of Rs 555 and a low of Rs 535 with volume of 6337473 shares.

On BSE, the share opened at Rs 567.50. It touched a high of Rs 617.50 and a low of Rs 473.50. Around 14,75,143 shares were traded in the counter.

The company raised around Rs 1485 crore through its 100% book building initial public offer of 2.97 crore equity shares of Rs 10 each.

The company has land reserves of 112 million square feet, of which 70% is owned by the company itself. Around 93.1 million square feet or 82.8% of its land reserves are in Mumbai.

HDIL is in the business of real estate development including residential, commercial and retail projects, slum rehabilitation and land development. The company intends to acquire further land and land development rights in order to facilitate its expansion and diversification from the issue proceeds.

The company is also constructing and developing residential, commercial and retail projects in Palghar, on the outskirts of Mumbai, and Hyderabad and Kochi.

HDIL is part of the Wadhawan group, formerly known as the Dheeraj group. The comapny’s turnover from sale of projects, developed land, and land development rights for the year ended March 31, 2007 was Rs 12,04.19 crore and net profit Rs 5,48.17 crore.