Indiabulls’ Gehlaut to exit flagship housing fin co

Mumbai: Nearly 25 years after Sameer Gehlaut set up Indiabulls, the technocrat-turned-businessman is exiting the group’s flagship financial services entity.From holding about 22% in Indiabulls Housing Finance just over two years ago, Gehlaut’s stake in the mortgage company is now below 5%. He is no more a promoter of the company, regulatory filings showed.Indiabulls Housing on Friday indicated that Gehlaut is in the process of selling his remaining stake in the company. Currently, marquee institutional investors like LIC, Vanguard, Blackstone, PIMCO, and BlackRock are its key shareholders. Gehlaut exited the real estate business about two years ago by selling his stake in Indiabulls Real Estate to entities of the Bangalore-based Embassy group. Sources said Gehlaut is now focused on Dhani Services, a fintech company, in which he holds nearly 33% stake.