Indiabulls Housing tanks 15% a day after promoter Gehlaut sells 11.9% stake

Shares of Indiabulls Housing Finance (IHFL) tanked 15 per cent to Rs 215.90 on the National Stock Exchange (NSE) in Friday’s intra-day trade, after the company’s main promoter Sameer Gehlaut sold 11.9 per cent stake in housing finance company via open market deals on Thursday.

In the process, the stock had shed 23 per cent from Thursday’s intraday s high of Rs 279. With the past two days decline, the stock has corrected 31 per cent from its 52-week high level of Rs 313.70 touched on June 16, 2021. At 10:25 am; the stock traded 7 per cent lower at Rs 235.55, as compared to 1 per cent decline in the Nifty50. A combined 53.9 million equity shares had changed hands at the counter on the NSE and BSE.

On Thursday, December 16, 2021, Sameer Gehlaut, the promoter of IHFL, sold 11.9 per cent in the company in numerous block deals to over 10 entities. The combined value of the transactions was estimated to be around Rs 1,450 crore, and the average price around Rs 264 a share. He will also be stepping down from the board by the end of the current financial year (2021-22, or FY22) and will complete the de-promoterisation of the company with requisite approvals. CLICK HERE FOR FULL REPORT

With this sale, Sameer Gehlaut and his 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. I will be resigning from the board of the company by end of the current fiscal ending March 31st, 2022 and will be completing the process of de-promotorization of the company with requisite approvals,” Sameer Gehlaut said in mail sent to its board of directors. CLICK HERE FOR PRESS RELEASE

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