HDIL shares almost doubles in March, rise 5% on Thursday

Shares of bankrupt real estate company Housing Development Infrastructure Ltd almost doubled in the month of March after reports surfaced that Adani Properties showed interest to buy it.

Housing Development Infrastructure Ltd is a publicly listed real estate company with shares traded on the BSE and NSE. It has completed more than 100 million square feet of construction in all verticals of real estate.

On Wednesday, its shares settled at Rs 8.50, up 4.9 per cent. At the start of March, the share prices were at little over Rs 4. As per reports, Adani Properties is a frontrunner among eight resolution applicants.

Registered in Ahmedabad, the Adani Properties, an arm of Adani Group, is majorly in the construction business from the past 27 years.

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(With inputs from IANS)