Indiabulls today said it had completed the reverse merger of Indiabulls Financial Services with Indiabulls Housing Finance. The share swap ratio among the stakeholders in the two companies was fixed at 1:1, Indiabulls said.
The move would enable efficient utilisation of Indiabulls Financials' capital, consolidating it into the housing finance company, which accounts for most of the incremental mortgage business. This amalgamation underlined the company's long-term commitment to the mortgage finance business, the company said in a statement.
The reverse merger decision was announced in April 2012.
For the quarter ended December, Indiabulls Financial Services' net profit rose 31 per cent to Rs 327 crore. Its loan book increased 30 per cent to Rs 32,551 crore.
The move would enable efficient utilisation of Indiabulls Financials' capital, consolidating it into the housing finance company, which accounts for most of the incremental mortgage business. This amalgamation underlined the company's long-term commitment to the mortgage finance business, the company said in a statement.
The reverse merger decision was announced in April 2012.
For the quarter ended December, Indiabulls Financial Services' net profit rose 31 per cent to Rs 327 crore. Its loan book increased 30 per cent to Rs 32,551 crore.
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