Realty firm Housing Development & Infrastructure Ltd (HDIL) has decided to raise $600 million (about Rs 2,875.67 crore) through private placement of shares to qualified institutional buyers.

The company informed that its shareholders at the Extraordinary General Meeting (EGM) held on June 17, has approved a plan to raise up to US$600mn or its Indian Rupee equivalent through issue of equity shares under Qualified Institutions Placement (QIP) to select institutions.

Further, the shareholders have approved the proposal "to offer, issue, allot and deliver up to 2.60 crore warrants to its Executive Chairman and a promoter of the company.

In its latest recommendation, Finquest Securities has advised traders to buy HDIL above Rs 263 with stoploss below Rs 248. The scrip of the company settled the day at Rs 244 on BSE, down 6.55% compared to its previous close.