Housing Development & Infrastructure (HDIL) has sought shareholders approval to issue up to 2 crore warrants on preferential basis to promoter Sarang Wadhawan in order to infuse long term capital into the company. The company has sought the same through postal ballot.
The board on November 14 had approved the issue up to two crore warrants, convertible into equivalent number of equity Shares of Rs 10 each to Sarang Wadhawan, promoter of the company on preferential basis in one or more tranches.
HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).
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