MUMBAI:
Indiabulls Housing Finance
’s main promoter
Sameer Gehlaut
is set to offload 11.9% in the company through block deals worth about Rs 1,450 crore. US private equity giant Blackstone is the anchor investor, while Abu Dhabi Investment Authority (ADIA) and some other large global investors are set to pick up the
stake
through block deals on Thursday, sources said.
According to the deal’s term sheet, Gehlaut, along with the promoter family’s investment company Inuus Infrastructure, have mandated Jefferies India to sell 5.5 crore shares of
Indiabulls
Housing Finance (IBHFL) at a price band of Rs 262.4 to Rs 267.6 per share. This would translate to an aggregate deal value of Rs 1,472 crore at the upper end of the price band. On Wednesday, IBHFL scrip on the BSE closed at Rs 265, marginally up from Tuesday.
The deal is part of IBHFL promoters’ plan to exit the company completely. According to the housing finance company’s shareholding pattern disclosed on the BSE, as of September-end, the promoters led by Gehlaut had 17.2% in the company (on a fully diluted basis). As part of the deal with the incoming owners, after the stake sale, Gehlaut will cease to be the promoter of Indiabulls Housing and in 6-9 months, the company will change its name, sources said.
In early November, Gehlaut had also announced that as part of his disengagement from Indiabulls Real Estate, another group company, he will step down as its chairman. K G Krishnamurthy, formerly with
HDFC Group
and a veteran of the realty sector, will take his place, effective February 2022.
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