Indiabulls Housing Chairman Sameer Gehlaut raises stake in company to 23.8% from 23.51%

MUMBAI: Indiabulls Housing Finance boss has increased his ownership stake in the company as the company tries to calm panicky investors, who shunned its shares on an acquisition bid last week.

Chairman Sameer Gehlaut and vice chairman Gagan Banga have collectively bought shares worth Rs 100 crore from the secondary market, the company said in a release issued on Monday.

While Gehlaut, as the founding owner, picked up the most, Banga, one of the top management officials and a shareholder as well, too raised stake.

“This buy has led to the increase in stake of Gehlaut from 23.51% to 23.80% and of Banga from .49% to .52%. The buy further instils the faith that the management & promoters have in the company.

Indiabulls Housing Finance shares were headed for one of their biggest falls after crashing 18.5% on Friday.

The home loan company on Thursday announced the acquisition of 40% stake in UK-based OakNorth Bank for $100 million or about Rs 650 crore.

The move raised apprehension among investors, who pressed the panic button on the move’s future prospect.