NEW DELHI: Shares of the mortgage lender Indiabulls Housing Finance fell over 8% to Rs 233 on Friday after tanking 15% intraday to Rs 215 on the National Stock Exchange. On BSE, the stock declined 8.34% to Rs 233.10.
This decline came after the company’s main promoter Sameer Gehlaut sold an 11.9% stake in the firm, saying that he always wanted it to be a fully professionally managed entity.
Gehlaut sold his stake through open market deals to over 10 entities, and the combined value of the transactions approximated to Rs 1,450 crore.
Marquee investors such as the Abu Dhabi Investment Authority, Invesco Mutual Fund and some funds of Morgan Stanley and HSBC, among others are said to have purchased the shares. Add to it, Gehlaut will also give up his board seat before the end of financial year 2022.
He, however, has decided to hold the remaining 9.8% stake, saying that he wants to participate in the future growth story of the company.
Going forward, Gehlaut said that he remains very excited for the growth prospects of Dhani Services (a company that was demerged from Indiabulls Housing) where as the CEO, he is very focused on building a world class fintech and digihealth platform.
Gehlaut held a total of 21.69% stake in the company in his personal capacity and through his promoter companies before selling his stake on Thursday.