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Sameer Gehlaut to halve holding in Indiabulls Housing Finance

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Mumbai: promoter Sameer Gehlaut is set to sell more than half of his holding in the company via a block deal, which will be valued at ₹1,443 crore early Thursday morning and reduce his stake below 10%, a term sheet issued by Jefferies India showed, and confirmed by two people familiar with the deal.

The sale will allow Gehlaut to start the process of exiting as a promoter of the housing finance company after the sale. It will also mean that the 21-year-old flagship of the Indiabulls group will no longer have a promoter.

US private equity giant Blackstone and UAE sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will lead the share purchases in the deal along with other global and local investors.



“Both Blackstone and ADIA plan to buy at least 3% stake each in the company but it all depends on how the block deal works out. After this deal, Gehlaut will start the process of ceasing to be a promoter. It will mean that the company, for the first time, will not have a promoter and will be professionally managed,” said one of the persons cited above.

Gehlaut currently owns 21.69% of the company through stakes held in his individual capacity (0.11%), Sameer Gehlaut Trust (13.89%) and Inuus Infrastructure Pvt Ltd (7.70%).

He plans to reduce it by 11.89 percentage points to below 10%, which will allow him to no longer be classified as a promoter.

The company did not reply to an email seeking comment.

Sameer Gehlaut Trust and Inuus Infrastructure will be the selling entities at a price of ₹262.35 to ₹267.60 per share, which is a 1% discount or premium to Wednesday’s closing price, the term sheet showed.

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