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Indiabulls Housing Finance is ready for version 3.0 and the decision by its promoter Sameer Gehlaut to resign is part of the process of institutionalisation, said Gagan Banga, Vice-Chairman, MD and CEO of the company.
The stake sale by Sameer Gehlaut was a necessary step in drawing a boundary between ownership and management, Banga said in an investor call on Friday.
“We got several marquee investors including Blackstone to come into the transaction,” he said.
EGM soon
The company will shortly convene an EGM to seek approval to offer board seats to significant shareholders including strategic investors who bought shares on Thursday.
Outlining the next steps for the process of institutionalisation, Banga said that in 2022-23, the Indiabulls Housing Finance will do a strategic transaction with investors to enhance capital buffers and sufficient capital for growth.
“The final step would be the name change of the company and complete process of institutionalisation by September 2022,” he further said, adding that the process of institutionalisation and getting strategic investors had been going on for the last 20 months.
Gehlaut, who is a promoter of the company, along with his promoter companies had sold 11.9 per cent stake in the firm on December 16 through a block deal. In a letter to the board, he had also outlined his intention to resign from the board of the company by end of the current fiscal ending March 31, 2022 and complete the process of de-promotorisation of the company with requisite approvals.
The company’s scrip plunged over 12 per cent in intra-day trade before closing 8.34 per cent lower at ₹233.10 a piece on BSE on Friday.
Future plans
Banga also highlighted plans for the company in the coming year. In the first quarter of the fiscal 2022-23, it plans to begin operationalisation of two alternate investment funds with global majors like Blackstone to undertake co lending in the real estate space.
It also expects to resume growth in AUM from next fiscal and hopes to end fiscal 2022-23 with an AUM of ₹90,000 crore on the back of ₹30,000 crore of retail disbursals on gross basis.
Banga said other focus areas would be reduction in balance sheet, develop loan book, and continuing emphasis on capex towards technology.
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