Indiabulls Housing Finance jumps on getting CCI approval to divest mutual fund business

13 Sep 2021 Evaluate

Indiabulls Housing Finance is currently trading at Rs. 228.30, up by 0.90 points or 0.40% from its previous closing of Rs. 227.40 on the BSE.

The scrip opened at Rs. 227.80 and has touched a high and low of Rs. 229.80 and Rs. 224.70 respectively. So far 314780 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 313.50 on 16-Jun-2021 and a 52 week low of Rs. 127.65 on 25-Sep-2020.

Last one week high and low of the scrip stood at Rs. 233.80 and Rs. 224.70 respectively. The current market cap of the company is Rs. 10443.93 crore.

The promoters holding in the company stood at 21.69%, while Institutions and Non-Institutions held 46.53% and 31.78% respectively.

Indiabulls Housing Finance has received the Competition Commission of India (CCI) approval to divest its mutual fund business to Nextbillion Technology (Groww) for Rs 175 crore. The company's wholly-owned subsidiaries Indiabulls Asset Management Company (IMACL) and Indiabulls Trustee Company (ITCL) had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities.

Divestment of the mutual fund business is aimed at focussing on its retail estate asset management business, as it is not the core focus area of the company.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

Sammaan Capital Share Price

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Company Name CMP
LIC Housing Finance 582.60
Housing & Urban Dev. 236.85
Bajaj Housing Financ 125.60
Sammaan Capital 149.50
PNB Housing Finance 842.35
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