Indiabulls Housing rallies 13% on Sameer Gehlaut’s resignation
NEW DELHI: Shares of Indiabulls Housing Finance zoomed as much as 13 per cent during the early trade on Tuesday following the exit of Sameer Gehlaut from the company.
Sameer Gehlaut has resigned from the Non-Executive Director post of the non-banking finance company (NBFC), with effect from March 14, 2022. The company also informed that Gagan Banga will remain its CEO.
Following the development, shares of Indiabulls Housing Finance rallied as much as 13 per cent to Rs 169.50, before trading at Rs 165.70 at 9.45 am. The scrip had settled at Rs 150.30 on Monday.
BSE barometer and benchmark Sensex was trading 60.97 points or 0.11 per cent lower at 56,425.05 at the time of writing this report.
As a promoter, Sameer Gehlaut and his affiliated concerns held about a 9.71 per cent stake in the company as of March 14, 2022, the company said in the regulatory filing. However, he would continue to remain a minority shareholder.
“I have decided to relinquish my existing position of non-executive director of the company and accordingly submit my resignation as a Non-Executive Director of the Company effective from March 14, 2022,” Sameer Gehlaut wrote in his resignation letter.
“I had through my promoter companies, recently sold 11.9 per cent stake in it and now own 9.71 per cent which I intend to hold as its public shareholder to participate in its future growth story,” Gehlaut added in the letter.
Gehlaut will also be resigning from the board of the company by the end of the current financial year, March 31, 2022, said the media reports.
In the previous month, the Enforcement Directorate (ED) raided the premises of the company in Delhi and Mumbai. This was in connection with money laundering allegations made against the firm and promoter Sameer Gehlaut in April 2021
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