Hdil Term Paper

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Made by kamal preet. kamal_jas009@rediff.com kamal_jas009@hotmail.com kamal_jas009@yahoo.com
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  To Study AboutHousing Development and Infrastructure Limited KAMAL PREET SINGH Roll No. RT170A24Dept. Of ECEKamal_jas009@hotmail.com  ABSTRACT  Here a study is being made on Indiabulls Financial Services Ltd. There history and their variousdetails like IPO, there share price, retain earning for last for 5 year are shown. Their financialcondition is visualized through last 5 year balance-sheet. Here a comparison is been made withsome leading financial companies to show there market standing. Also a study about their objective and vision is made here. Their capital structure along with their no. of debt and equityissued by them for last 5 years is being discussed. Their dividend policypay back ratio andworking capital are some other area where some light is been put. Here balance sheet of last twoyear is been shown: 1.0 INTRODUCTION  Housing Development and Infrastructure Limited  is a listed real estate development companyin India, with significant operations in the MumbaiMetropolitan Region. HDIL's businessfocuses on Real Estate Development, including construction and development of residential projects and, more recently, commercial and retail projects, Slum Rehabilitation andDevelopment, including clearing slum land and rehousing slum dwellers, and LandDevelopment, including development of infrastructure on land which the company then sells toother property developers. HDIL has an integrated in-house development team which covers allaspects of property development from project identification and inception through constructionto completion and sale.Since incorporation in 1996, HDIL has developed 23 projects covering approximately19.29 million square feetof saleable area, including approximately 12,730,000square feet(1,183,000m 2 ) of land sold to other builders after Land Development, primarily in the MumbaiMetropolitan Region. HDIL also have constructed an additional 1,900,000square feet(177,000m 2 ) of rehabilitation housing area under slum rehabilitation schemes.HDIL's residential projects generally comprise groups of apartments, towers or larger multi-purpose “township” projects in which individual housing units are sold to customers. The commercial projects are amix of office space and multiplex cinemas. The retail projects focus on shopping malls. Theyusually follow a “build and sell” model for the properties they develop.HDIL also undertakes slum rehabilitation projects under a Government schemeadministered by the Slum Rehabilitation Authority (SRA), whereby developersare granteddevelopment rights in exchange for clearing and redeveloping slum lands, including providingreplacement housing for the dislocated slum dwellers. The company has also bagged the prestigious Mumbai Airport Slum Rehabilitation Project to rehabilitate the slum dwellers located  on 276acres (1.12km 2 ) of Mumbai Airport land.Although historically HDIL has focused on realestate development in the Mumbai Metropolitan Region, as part of their growth strategy they areconsidering projects in other locations, including Kochiand Hyderabad. They also areconsidering expanding into hotel projects, special economic zone(SEZ) developments and“mega-structure” complexes, which are large-scale mixed-use retail, commercial and residentialdevelopments. Although historically HDIL has focused on real estate development in theMumbai Metropolitan Region, as part of their growth strategy they are considering projects inother locations, including Kochiand Hyderabad. They also are considering expanding into hotel projects, special economic zone(SEZ) developments and “mega-structure” complexes, which arelarge-scale mixed-use retail, commercial and residential developments.HDIL launched an IPO in July 2007 and is currently listed on the Bombay Stock Exchange(BSE) and the National Stock Exchange (NSE). 1.1 HISTORY/ORIGIN HDIL part of the Wadhawan Group, which was founded by the late Mr.Dewan KuldipSingh Wadhawan in 1973.The Wadhawan Group was founded for thepurpose of landaggregation, land management, land development andconstruction of residential,commercial andretail units, townships and infrastructure. Initially,the Wadhawan Groupwas also involved in themarketing of residential, commercial andindustrial plots. In 1973 the first residential buildingnamed Kapil Kunj at Vasai wascompleted by the Wadhawan Group. In 1978, all the projects of the Wadhawan Group came under thebrand name of Dheeraj.As of December 31, 2006, theWadhawan Group has developed (includingour developments)approximately 72.8 millionsquare feet of saleable area and,additionally, has constructedapproximately 5.5 million squarefeet of rehabilitation area under slum rehabilitation schemes.Our Company was incorporated onJuly 25, 1996 as Housing Developmentand Improvement India Private Limited, with theobjective of developing large-scalereal estate projects including residential, commercial andretail projects such as shopping malls,multiplexes and integrated townships and partnering indevelopment of public infrastructure.Since our incorporation in 1996, we have developed and constructed 2 projects coveringapproximately 11.0 million square feet of saleable area, including approximately 5.7 millionsquare feet of land sold to other builders after Land Development, all in the MumbaiMetropolitan Region.We also have constructed an additional 2.0 million square feetofrehabilitation area under slum rehabilitation schemes. 1.2 VISION Since its inception in 1996 HDIL has completed 24 projects covering 11.3mn sq ft of saleablearea. The company ‟ s projects have an enhanced buyer perception, especially since it is a part of the Wadhawan group which has developed a strong reputation for quality construction in theMMR over three decades. The company has created strong brand equity among the middle tohigher middle class group in the residential segment, while establishing a firm foothold incommercial and retail segments as well. HDIL ‟ s expertise includes strong relationships withsuppliers from whom it sources material and with contractors that it engages for carrying out  construction services. This enables it to keep a firm check on quality and cost. HDIL canleverage the experienced gainedfrom the projects implemented in other parts of the country andfor other types of projects.HDIL has a novel business model wherein it balances its short-term as well as long-term project initiatives. HDIL is a leader in the SRS segment. Executing SRS projects allows HDIL togenerate higher returns on its projects, as the cost of land is the cost of construction. HDIL ‟ sSRS projects are characterized by a lower asset cycle risk as against its non-SRS projects, whichinvolve a one-time upfront payment for the land parcel. HDIL ‟ s future initiatives involve aventure into the hospitality sector, development of a SEZ and bidding for Airport modernization.HDIL has so far followed the build-and-sell model even for its commercial and retail properties.While this may not be in line with international practices, for companies such as HDIL, whichalso lock their working capital in developing SRS in Mumbai, there may be higher requirementof capital, and this is better met by building and selling, rather than leasing property.1.3 BOARD OF DIRECTORSManagementNameDesignationRakesh Kumar WadhawanExecutive ChairmanKapil WadhawanDirectorWaryam SinghDirectorJoseph A PattathuDirectorLalit Mohan MehtaIndependent DirectorSurinder Kumar SoniIndependent DirectorRamesh Chander KapoorIndependent DirectorNameDesignationSarang WadhawanManaging DirectorDheeraj WadhawanDirectorAshok Kumar GuptaDirectorSatya Pal TalwarIndependent DirectorShyam Sunder DawraIndependent DirectorSunil Behari MathurIndependent DirectorRaj Kumar AggarwalIndependent Director1.4 IPO (INITIAL PUBLIC OFFER)HDIL IPO opens for subscription on 28 June, 2007 and closes for subscription on July03, 2007. Price Band Between Rs. 430 to Rs. 500 per share About The Company : Since 1978, HDIL has been satisfying the diverse needs of scores of home seekers in Mumbai,the commercial capital of India and Bangalore. It was not just the intention of doing business by   being responsible for marketing affordable homes; the very inclination was to give the best to thehome seeker fraternity at large. Issue Details Issue of Equity Shares# 30,000,000 Equity Shares of which Employee Reservation Portion#600,000 Equity Shares Net Issue# 29,400,000 Equity Shares Ofwhich:Qualified Institutional Buyers (QIBs) Portion At least 17,640,000 Equity Shares* of whichAvailable for Mutual Funds only 882,000 Equity Shares*Balance of QIB Portion (available for QIBs including Mutual Funds) : 16,758,000 EquityShares* Non-Institutional Portion 2,940,000 Equity Shares*Retail Portion 8,820,000 Equity Shares*Green Shoe Option Portion1 Up to 4,500,000 Equity SharesThe Issue and Green Shoe Option Portion Up to 34,500,000 Equity Shares Pre and post-Issue Equity Shares Equity Shares outstanding prior to the Issue : 180,000,000 Equity SharesEquity Shares outstanding after the Issue (excluding the exercise of the Green Shoe Option) :210,000,000 Equity SharesEquity Shares outstanding after the Issue (including the exercise of the Green Shoe Option infull) : 214,500,000 Equity Shares. 1.5 CAPITAL STRUCTURE/ AND COMPARISION WITH OTHER COMPANIES CAPITAL STRUCTUREOF HDIL FromYearTo YearClass Of ShareAuthorizedCapitalIssuedCapitalPaid UpShares(Nos)Paid UpFace ValuePaid UpCapital 20072008EquityShare500.00214.2721427208110214.2720062007EquityShare250.00180.0018000000010180.0020052006EquityShare250.00180.0018000000010180.002004 2004 Equity 200.00 150.00 15000000 10 150.00
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