HDIL Jumps 4% As Promoters Revoke All Pledged Shares
Shares in realty player Housing Development and Infrastructure (HDIL) surged over 4 per cent to Rs 85.8 on Tuesday as the company has revoked all shares earlier pledged with IL&FS Trust.
HDIL said on Monday that IL&FS Trust has released 7.54 crore shares of the promoters including those of the firm's chairman, Rakesh Kumar Wadhawan. These shares comprise 51.89 per cent of the total shares pledged by the promoters.
With this, all the equity shares in the promoter's category have been released. This comes as positive news for investors as this will go a long way in boosting the investor's sentiment.
As of June 30, 2014, promoters held 36.16 per cent stake in the company. The promoters had pledged their shares as collateral for loan in 2012.
IL&FS Trust had earlier released 7 crore equity shares on July 4, which was 48.11 per cent of the total pledged shares.
HDIL is a renouned realty player, which has significant presence in Mumbai Metropolitan Region. The firm had a land reserve of 245.03 million square feet as on June 30 2014 of which 90 per cent was in Mumbai Metropolitan Region.
As of 9.44 a.m. shares in HDIL traded 3.41 per cent higher at Rs 84.90 apiece outperforming the Nifty which was down 0.16 per cent.
(With agency inputs )
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