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Mumbai Feb. 17 Housing Development and Infrastructure Ltd, a real estate development company, proposes to enter the capital market with a public issue of 3 crore equity shares of Rs 10 each through 100 per cent book building process. The company has filed its Draft Red Herring Prospectus with SEBI.

Eligible employees will receive 6 lakh equity shares bringing the net issue for the public to 2.94 crore equity shares. There will also be a green shoe portion of 45 lakh equity shares and the issue, if fully exercised, will aggregate 3.45 crore equity shares.

The company proposes to utilise the net proceeds of the issue to part finance the acquisition of land and land development rights for its ongoing and planned projects and construction of these projects.

Kotak Mahindra Capital Company Ltd and Enam Financial Consultants Private Ltd are the global co-ordinators and the book running lead managers (BRLM) to the issue and ICICI Securities Ltd is the co-BRLM for the issue.

The company is a part of the Wadhawan Group (formerly known as the Dheeraj Group), and has been involved in real estate development in the Mumbai Metropolitan Region for almost three decades.

More Stories on : IPOs | Real Estate & Construction

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