No plans to raise money via QIP now: HDIL

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Sarang Wadhawan, Managing Director of Housing Development & Infrastructure Limited (HDIL), said the company has not raised any money so far and the QIP book has not been opened.

Here is a verbatim transcript of an exclusive interview with Sarang Wadhawan on CNBC-TV18. Also watch the accompanying video.

Q: Are those reports true that you have pulled out your QIP?

A: No. This news is totally baseless. It is a highly irresponsible behaviour, from some portions of the media, to carry out such news items. HDIL has an enabling resolution which was passed in January. We have still not raised any money as of now. We have not even opened it.

Q: Is it in the offing? Have you been trying to open the book or talking to investors? It could have fueled the rumors that you have been trying to float it but have not opened it yet.

A: We interact with merchant bankers and all the other entities on a day to day basis because we already have the QIP process earlier. We have other PE and SPV level funding in place. Due to this, some portions of the industry are feeling that we are going to raise money through the QIP route, which is actually not correct. If we had to raise the money we would have raised it maybe a month earlier.

Q: How soon do want you want to do that money raising because there were reports a couple of weeks back suggesting that you are going to hit market soon in terms of a QIP and maybe from there it has been extension of the fact that QIP fell through?

A: Looking at the volatility in the market and the fact that as of today HDIL does not need that kind of funding immediately, we or the board will take a call as and when we do feel that the timing is correct. As of now, speculating on the timing of the issue would not be right on our part.