Real estate developer Housing Development and Infrastructure Ltd (HDIL) today said it plans to issue share warrants up to Rs 150 crore of Rs 100 each on a preferential basis to its promoter Sarang Wadhawan.
The share warrants will be convertible into equivalent number of equity shares of face value of Rs 10 each, a company statement said.
The warrants priced at Rs 96.35 per warrant will be issued at a premium of 3.79 per cent over the minimum price as per SEBI ICDR regulations.
The company reported a consolidated annual Income Rs 1,192.47 crore for FY2016s. The annual profit after tax for the year was Rs. 266.13 crore.
The company said it had reduced its debt by 27 per cent in the last three years, the release added.