Indiabulls Housing Finance founder Sameer Gehlaut to resign by March 2022

Indiabulls Housing Finance Founder Sameer Gehlaut will resign from the Board of Directors of the housing finance company by the end of the ongoing fiscal year, i.e., March 31, 2022. Gehlaut has also sold 11.9 of his stake in the company and currently owns 9.8 percent of the company’s stakes, as per his mail to the Board of Directors.  He announced this decision in a mail to the company’s Board of Directors.

“I will be resigning from the board of the company by the end of the current fiscal ending March 31, 2022 and will be completing the process of de-promotorisation of the company with requisite approvals,” he wrote in his email. Gehlaut will hold the remaining 9.8 per cent shares and “participate in the future growth story of the company”.

Gehlaut also expressed his gratitude to all the stakeholders of the company and wished the Vice Chairman, Managing Director and CEO of Indiabulls Housing Finance Gagan Banga and the management the very best in the near future. “I am very grateful to all the stakeholders of Indiabulls Housing for this wonderful journey that started 21 years ago in a small 300 sq ft office. I wish Gagan Banga and the management the very best of every success in the years ahead,” Gehlaut’s mail read.

He also talked about the housing finance behemoth going public in 2004 at Rs 19 per share and reporting 25 percent CAGR returns over last 17 years. “Since it went public in September 2004 at Rs 19 per share, Indiabulls Housing has been a fabulous success with 25 percent CAGR returns over last 17 years, including the receipt of dividends and shares of other demerged companies over the years.”
Sameer Gehlaut is also the CEO of Dhani Services, a company which has been demerged from Indiabulls Housing. As the CEO of Dhani, Gehlaut will focus on building a fintech and digihealth platform at par with global standards.

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