Saturday, May 21st, 2022

IndiaBulls Housing Finance Promoter sells 12% stake to make it a commercially managed firm

Shares of Indiabulls Housing Finance closed at Rs 254.30 on BSE. Indiabulls Housing Finance promoter Sameer Gehlot on Thursday sold around 12 per cent stake in the firm through promoter companies to make the company a fully professionally managed entity. “With a view to making the company a fully professionally managed and run company, I have sold 11.9 per cent in the company.

Indiabulls Housing Finance quoted Gehlot in a regulatory filing as saying, “With this sale, I and my promoter companies now hold 9.8 per cent stake in the company. I intend to hold these shares and participate in the future growth story of the company.”

In a letter sent to the company’s board members, Gehlot said that since going public in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a “great success story”.

Gehlot said that he will resign from the company’s board by the end of the current financial year ending March 31, 2022 and complete the process of de-promoterization of the company with necessary approvals.

Two years ago, Housing Financier envisioned to be a professionally driven and innovative financial institution with a strong balance sheet, strong liquidity and masterclass corporate governance.

Gehlot held a total of 21.69 per cent stake in the company in his individual capacity (0.11 per cent) before being sold through his promoter companies – Inus Infrastructure Pvt Ltd (7.70 per cent) and Sameer Gehlot IBH Trust (13.89 per cent). He has around 12 per cent stake as on Thursday.

According to the wholesale transaction data available with stock exchanges, Sameer Gehlot IBH Trust sold 2.98 crore shares of Indiabulls Housing Finance at Rs 262.35 per share on NSE, another 1.25 crore equity shares at Rs 266.82 per share and 50 lakh shares on NSE. 268.49 per share on BSE.

Apart from this, another promoter entity Inus Infrastructure sold 70.28 lakh shares of the housing finance company. Those who bought shares in the company include Abu Dhabi Investment Authority, International Monetary, Origin Master Fund, HSBC and Invesco Mutual Fund.

Shares of Indiabulls Housing Finance closed at Rs 254.30 on BSE, down 4.06 per cent from the previous close.

In a separate transaction, Hamblin Watts Investment Council sold 30.52 lakh shares of IIFL Wealth Management at Rs 1,427.83 per share on NSE and 10 lakh shares at Rs 1,429.34 per share on BSE.