Sameer Gehlaut, promoter of Indiabulls Housing Finance, on Thursday sold nearly 12% of the company’s shares through promoters to turn it into a fully professionally managed entity. “I sold 11.9% of the company with the goal of turning it into a fully professionally managed and operated company.
“With this acquisition, me and my promotion agencies now own 9.8% of the company’s shares. I plan to hold this stake and participate in the company’s future growth story. company,” Indiabulls Housing Finance quoted Gehlaut as saying in a regulatory filing.
In a letter to the company’s board members, Gehlaut said that since listing shares in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a “success story”. great work”.
Gehlaut said he will step down from the company’s board at the end of the current financial year, which ends on March 31, 2022, and will complete the process of decommissioning the company with the necessary approval.
Two years ago, the real estate financier envisioned a professionally run and innovative financial institution with strong balance sheets, high liquidity and class-leading corporate governance.
Gehlaut holds a total of 21.69% shares in the company both personally (0.11%) and through his promoters – Inuus Infrastructure Pvt Ltd (7.70%) and Sameer Gehlaut IBH Trust (13.89%), before selling nearly 12% of his shares on Thursday.
According to mass trading data available with stock exchanges, Sameer Gehlaut IBH Trust sold 2.98 crore shares of Indiabulls Housing Finance for Rs 262.35/share on NSE, 1.25 crore shares shares at Rs 266.82 per share on NSE and 50,000 shares at Rs 268.49 per share on BSE.
In addition to this, another promoter, Innus Infrastructure, sold off 70,280,000 shares of the housing finance company. Those who have picked up shares of the company include the Abu Dhabi Investment Authority, International Currency, Aurigin Master Fund, HSBC and Invesco Mutual Fund.
Shares of Indiabulls Housing Finance closed at Rs 254.30 per unit on the BSE, down 4.06% from the previous close.
In a separate transaction, Hamblin Watsa Investment Counsel sold 30.52 lakh shares of IIFL Wealth Management at Rs 1,427.83 per share on NSE and 100,000 shares at Rs 1,429.34 per share on BSE.
https://www.ndtv.com/business/indiabulls-housing-finance-promoter-sells-12-stake-to-make-it-professionally-managed-firm-2655693 Housing finance advertising agency Indiabulls sells 12% stake to make it professionally managed