Hemisphere Properties approves allotment of Rs 50 crore worth preference shares to Government of India

Hemisphere Properties India Limited (HPIL) on Wednesday, April 16, announced that its Board of Directors has approved the allotment of ₹50 crore worth of cumulative redeemable preference shares (CRPS) to its promoter — the President of India, acting through the Ministry of Housing & Urban Affairs.

According to the regulatory filing, the company has allotted 5 crore CRPS of ₹10 each at par under Tranche-3 on a private placement basis. The shares will be unlisted, and the pricing and terms will remain consistent with previous disclosures.

In another update, HPIL’s board has also approved Amendment No. 1 to the previously issued Request for Proposal (RFP) dated December 13, 2024, regarding the sale of land parcels located at village Bopkhel in Pune, Maharashtra. The revised RFP will be available on the company’s official website and e-procurement portal.

The board meeting began at 11:40 AM and concluded at 1:25 PM on Wednesday.

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.

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