Indiabulls Housing Finance promoter and founder Sameer Gehlaut is set to leave the company, the company announced in a regulatory filing on December 16.

Share Market Live

NSE

He will resign from the board of Indiabulls Housing Finance by March 31, 2022, but continue to hold 9.8 percent stake in the housing finance company.

The shares of Indiabulls Housing Finance had jumped over 6 percent at open on December 16 after there were reports that he had sold 11.9 percent stake in the company via a block deal.

Gehlaut in an email sent to Indiabulls Housing Finance Board of Directors said: “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. I am very grateful to all the stakeholders of Indiabulls Housing for this wonderful journey that started 21 years ago in a small 300 square ft office.”

He added: “I remain very excited for the growth prospects of Dhani Services (a company that was demerged from Indiabulls Housing) where as CEO, I am very focused on building a world-class fintech and digihealth platform.”

Gehlaut explained in the email that this move will help Indiabulls Housing become an “innovative financial institution with a fortress balance sheet, strong liquidity and masterclass corporate governance”. He said: “We have made significant progress and today, in continuation of executing on that vision, I have done a seminal transaction: through my promoter companies, I have sold 11.9 percent 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 percent of the company. I intend to hold these shares and participate in the future growth story of the company.”

Notably, a year ago, in August 2020, Sameer Gehlaut had, in a surprise move, stepped down as chairman of Indiabulls Housing Finance Ltd, to take charge as the chief executive of the subsidiary Indiabulls Ventures.