Indiabulls Housing shares jump as promoter Gehlaut sells 11.9% stake via block deal

Indiabulls Housing Finance block deal

Shares of Indiabulls Housing Finance jumped over 6 percent at open before cooling off, after reports suggested that founder and promoter Sameer Gehlaut sold 11.9 percent stake in the company via a block deal.

This would mean Gehlaut will not be categorised as a promoter anymore. As of September, promoter stake in the company stood at 21.69 percent, of which Gehlaut held 14 percent.

He is also the director at Inuus Infrastructure, which holds the remaining promoter stake.

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The deal to offload his stake was in the range of Rs 262.35-267.60 per share, CNBC-TV18 reported quoting sources, adding that the entire deal is pegged at over Rs 1,400 crore.

According to the channel, marque investors have bought in the stake offloaded by Gehlaut. A Bloomberg report said Blackstone and ADIA may have been the buyers.

The report comes around a month after Indiabulls Housing Finance posted an 11 percent dip in its net profit in the second quarter of FY22.

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The lender registered a profit of Rs 286 crore in the July-September quarter, whereas, its profit stood at Rs 323 crore in the same period last year.

Gehlaut, who is serving as the non-executive director of Indiabulls Group, had on October 14 resigned as the non-executive chairman of one of the group's key units - Indiabulls Real Estate.

The company had claimed that he has resigned from the post as he would focus on the business of providing technology-enabled transaction finance and primary healthcare services by Dhani Services Limited. Notably, Gehlaut is the founder, promoter, chairman and CEO of Dhani Services.

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After rising to Rs 282.60 on the BSE, Indiabulls Housing gave up some of its gains, and at 09:45 hours, the stock was up 0.7 percent at Rs 265 on the BSE. Indiabulls Real Estate and Dhani Services were trading 0.8 percent and 2 percent higher at s 174.15 and Rs 167.65, respectively.