Indiabulls Housing jumps 7% on block deal buzz; thereafter pares gains

A combined 47.34 million equity shares, representing 10.23 per cent total equity of Indiabulls Housing Finance changed hands on the NSE and BSE as of 09:27 AM

Shares of Indiabulls Housing Finance soared 7 per cent to a high of Rs 282.60 on the BSE in Thursday’s intra-day trade on reports that Sameer Gehlaut, the founder of mortgage financier, will sell 11.9 percent stake in the company via a block window deal. On the National Stock Exchange (NSE), the stock opened 5 per cent higher at Rs 279. The stock had hit a 52-week high of Rs 313.50 on June 16, 2021.

At 09:27 am; the stock erases its intra-day gain and was traded flat at Rs 265.40 over its previous close. It hit a low of Rs 263.90 in intra-day trade on BSE. In comparison, the S&P BSE Sensex was up 0.57 per cent at 58,115 points.

A combined 47.34 million equity shares, representing 10.23 per cent total equity of Indiabulls Housing Finance changed hands on the NSE and BSE. The names of buyers and sellers were not ascertained immediately.

According to CNBC TV18 report, the deal to offload Sameer Gehlaut stake is likely to be in the range of Rs 262.35-Rs 267.60 per share. The entire deal is pegged at over Rs 1,400 crore; the news channel reported quoting sources.

As on September 30, 2021, Sameer Gehlaut (0.11 per cent) and Sameer Gehlaut IBH Trust (13.89 per cent) have collectively held 14 per cent stake in Indiabulls Housing Finance, the shareholding pattern data shows.