Gehlaut quits Indiabulls Housing Finance board

Mumbai: Shares of Indiabulls Housing Finance gained 4.7% to ₹157.35 on Tuesday after its founder and former chairman Sameer Gehlaut resigned from the board and requested the company to reclassify him from a promoter to a public shareholder.

Analysts said the change in management could revive investor interest in the stock, which has languished in the last three years.

"Hand over the reins to professional board and management will have a positive impact on the company and its operations," said Ambareesh Baliga, an independent analyst. "De-promoterisation, the exit of Sameer Gehlaut and entry of marquee investors such as Blackstone, ADIA among others will elicit interest from many more large investors and PE players."


Indiabulls Housing shares had risen as much as 12.8% to ₹169.50 earlier in the day. The stock declined 40% in the last three months.

Indiabulls Housing late on Monday informed the stock exchanges that Gehlaut resigned from the position of non-executive director of the company. He now owns 9.7% of the company and intends to hold on to it. In December 2021, Gehlaut had sold about 12% of his stake in the company, bringing his holding down from nearly 22%.

Indiabulls Housing's vice-chairman and CEO Gagan Banga on Monday resigned from the board of Dhani Services, formerly Indiabulls Ventures. Banga will focus on the housing finance company, according to a stock exchange disclosure.