In all, the company plans to raise Rs 1,150 crore through the issue of secured redeemable and non-convertible debentures.
The company has a total debt of Rs 3,300 crore, HDIL MD Sarang Wadhawan told PTI. "The company has received application and subscription for 4,250 secured redeemable and non-convertible debentures of Rs 10 lakh each, aggregating to Rs 425 crore," HDIL said in a filing to the Bombay Stock Exchange.
Earlier during the day, the company reported a 12 per cent decline in net profit at Rs 162.76 crore for the quarter ended December 31, 2009. However, the company's total income rose to Rs 435.47 crore for the third quarter, against Rs 334.7 crore in the same period previous fiscal.
Shares of HDIL closed down 3.96 per cent at Rs 371.