HDIL secures closure of Rs 400 cr debentures

Mumbai-based India's third largest real estate developer, Housing Development and Infrastructure (HDIL) has achieved the closure of its first tranche of secured redeemable non-convertible debentures to the tune of Rs 400 crore. "The company has received application and subscription for 4,000 secured redeemable and non convertible debentures of Rs 10,00,000 each aggregating to Rs 400 crore", the company said in a statement sent to the National Stock Exchange. HDIL will be raising a total of Rs 1,150 crore through the issue of 11,500 secured redeemable NCDs in separate tranches and will be listed on the Bombay Stock Exchange.