Founder Sameer Gehlaut To Leave Indiabulls Housing Finance By March
Hours after selling more than half his stake to various funds, Indiabulls Housing Finance Ltd.'s founder Sameer Gehlaut said he will resign from the company's board by March 31 next year.
"I am very grateful to all the stakeholders of Indiabulls Housing for this wonderful journey that started 21 years ago in a small 300 sqft office," he wrote in an email to the board of directors. He will be completing the process of "de-promotorization of the company" with requisite approvals.
He will stay on as the chief executive officer of Dhani Services Ltd., which was carved out of Indiabulls Housing. "I am very focused on building a world-class fintech and digihealth platform."
Gehlaut sold about 11.9% of his nearly 22% stake in the company on Thursday to various funds in what he called a "seminal transaction". Bloomberg earlier reported that the Blackstone Group Inc. and Abu Dhabi Investment Authority will be buying stake in the mortgage lender.
Gehlaut said he sold the stake "with a view to make the company fully professionally managed." "With this sale, I and my promoter companies now own 9.8% of the company. I intend to hold these shares and participate in the future growth story of the company."
Gehlaut was at the helm of Indiabulls Housing through a sector-wide credit crunch that was triggered by the defaults at IL&FS group.
He had in August last year resigned from the position of executive chairman at the company.