Latest News | Indiabulls Housing Finance Shares Tumble over 8 Pc

New Delhi, Dec 17 (PTI) Shares of Indiabulls Housing Finance on Friday tumbled over 8 per cent a day after its promoter Sameer Gehlaut sold a nearly 12 per cent stake in the firm.

The stock declined 8.34 per cent to Rs 233.10 on BSE. During the day, it plunged 12.42 per cent to Rs 222.70.

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On NSE, it plunged 8.20 per cent to Rs 233.15.

Sameer Gehlaut, promoter of Indiabulls Housing Finance, on Thursday sold a nearly 12 per cent stake in the firm through promoter companies to make it a fully professionally managed entity.

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"I have sold 11.9 per cent stake in the company with a view to make the company a fully professionally managed and run company.

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

In a letter sent to the board members of the company, Gehlaut said ever since going public in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a "fabulous success story."

Gehlaut said he will be resigning from the board of the company by the end of the current fiscal, and will be completing the process of de-promotorisation of the company with requisite approvals.

Two years ago, the housing financier had envisioned to be a professionally run and innovative financial institution with a strong balance sheet, strong liquidity and masterclass corporate governance.

Gehlaut held a total of 21.69 per cent stake in the company in his personal capacity (0.11 per cent) and through his promoter companies -- Inuus Infrastructure Pvt Ltd (7.70 per cent) and Sameer Gehlaut IBH Trust (13.89 per cent), before selling his nearly 12 per cent stake on Thursday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)