Shares of Indiabulls Housing Finance were locked in their 10 percent upper circuit at Rs 165.3 on BSE on Tuesday after the company said that its promoter and founder Sameer Gehlaut resigned as the non-executive director, effective March 14.

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At 9:50 am, the stock was up 9 percent at Rs 163.8 on BSE. The stock had risen as much as 13 percent intraday and touched a high at Rs 169.50.

Earlier in December, the company had said that Gehlaut will resign from the board by the end of the fiscal.

Gehlaut, who has a 9.71 percent stake in the company, has requested that his holdings be classified as 'public' from 'promoter'. The IHF promoter has no control over the company or its day-to-day activities.

"I have resigned from the Board of Dhani to fully focus on and institutionalize Indiabulls Housing(IBHFL). The plan is to work under the guidance of Mr Mundra(former Deputy Governor of RBI and Non-Executive Chairman of the Board) and other Board members besides institutional shareholders and other stakeholders to scale up the company to the next level as a large mortgage originator," Gehlaut said.

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Gagan Banga, vice chairman and managing director, Indiabulls Housing Finance, on Thursday, mentioned that the company expects assets under management (AUM) growth to be 15 percent in FY23.

The mortgage lender reported an 8 percent decline in its consolidated net profit in the December quarter. Its profit after tax (PAT) for the December quarter came in at Rs 303 crore, down from Rs 329 crore in the year-ago period.

The company's gross NPA came in at 3.18 percent during the December quarter as against 2.44 percent in Q3FY21. Meanwhile, its net NPA stood at 1.80 percent during the period under review, compared to 1.46 percent in the corresponding period last year.

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First Published:Mar 15, 2022 10:13 AM IST