Housing Development and Infrastructure Limited (NSEI:HDIL) announced a private placement of convertible warrant of 20,000,000 at INR 2.5 per warrant on August 14, 2018. The transaction will include participation from Sarang Wadhawan, promotor of the company. The company will receive 25% of the total amount, which is INR 50,000,000 as upfront payment at the time of allotment of warrants and the remaining 75% will be paid at maturity. The securities will be issued on preferential basis. The company obtained the approval of board of directors.