Indiabulls Housing Finance shares jump after Non-Executive Director’s resignation
Indiabulls Housing Finance, on Monday night, has informed the stock exchanges that Sameer Gehlaut has resigned from the company's Non-Executive Director post with immediate effect. The shares gained more than 13% intra-day on Tuesday to hit the day’s high at Rs 169.50. We take a look at the development in detail.
Who is Sameer Gehlaut and his stake in Indiabulls?
Sameer Gehlaut is the founder and chairman of the Indiabulls Group. Indiabulls Group is a diversified financial services group with businesses in housing and consumer finance through independent and listed companies in the Indian stock exchanges.
Recently, he sold an 11.9% stake in the company through his promoter's companies and now owns a 9.71% stake in the company.
Changes in shareholding structure
Along with his resignation letter, Gehlaut has requested the board to classify his holding in the company as public from the promoter. Though he recently sold more than 50% of his holding in the company, he has mentioned that he intends to hold a remaining stake of 9.71% in the company. However, he will have no control over co or its day-to-day activities.
He will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
Updates on shareholding pattern
- The promoter holding in Sep '21 was 21.69%, and it reduced to 9.72% in the December quarter. Now, with the above changes, the promoter holding will reduce to negligible.
- The public holding in Dec'21 was 43.3% which will be increased by 9.71% post the March quarter.
- The FII holding in the company as of the December quarter is 28.4%.
- The DII holding in the company as of the December quarter is 14.87%.
The resignation of founder and promoter Sameer Gehlaut is unlikely to have a significant impact on the company’s business. The company has clarified that the outgoing promoters are not involved in the daily activities of the Company. Hence, investors can continue to ‘Hold’ on to the shares.