Promoters to cut stake in Indiabulls Housing to sub-10% level: ET NOW

NEW DELHI: Indiabulls Housing Finance remains committed to depromoterising the NBFC, with Sameer Gehlaut-led promoter group likely to cut stake to below 10 per cent from 21.69 per cent at present, ET NOW quoted sources as saying.

The company may be looking at secondary market transactions like qualified institutional placement (QIP) and offer for sale (OFS) to depromoterise.

The promoter group is reconsidering its plan to sell promoter stake to global PE firms after Carlyle-PNB Housing did not get the requisite approval, ET NOW reported.


"A preferential deal with shares trading above book value is not possible and the deal is looking tougher," a source told ET NOW.


Following the development, the stock was quoting at Rs 217.60 a piece, up 0.58 per cent.

Rating agency Brickwork last week revised the NBFC's outlook to stable from negative, citing comfortable capitalisation levels, established market position, strong liquidity position, minimal slippages and healthy collections and diversified resource profile.