Indiabulls Housing Finance said it will be relinquishing the 'Indiabulls' brand.
The company said that with the completion of its de-promoterisation, its former promoter Sameer Gehlaut, who had established the Indiabulls brand, has been classified as a public shareholder from February 2023 and was no longer associated with the company in any other way. "Therefore, the continuance of the brand 'Indiabulls' by the company has become untenable and it will thus be relinquishing the 'Indiabulls' brand," IHF said in an exchange filing.
IHF said its former promoter held stakes in or is/was engaged in businesses such as real estate, lending, pharma, broking, on-line sales, among others, under the 'Indiabulls' brand.
"With the re-branding exercise the company will move away from any perceptions of linkages with other iIndiabulls' companies and their businesses, and will build its own identity unambiguously centred around its loan products, its target customer segments, and its stakeholders," IHF said.
Indiabulls Housing Finance was
de-promoterised in February this year, when the BSE and NSE approved the reclassification of Gehlaut and his trusts to the category of "Public" shareholders from "Promoter." The approval came 10 months after he put submitted his application for the reclassification to the exchanges.
Gehlaut and his trusts, with a holding of 9.66 percent in Indiabulls Housing made an application in April 2022 for the reclassification to public shareholder category. As a resultant, promoter shareholding post-reclassification in Indiabulls Housing is now nil and public shareholding at 100 percent.
As of June 30, 2023, Gehlaut's shareholding in the company is down to 4.8 percnet. "Since June 30, 2023, from the disclosures made by Gehlaut's entities, it is noted that he continues to pare his stake, and is no longer among the top shareholders of the company. In all, since December 2021, Gehlaut has sold over 18 percent of his holding in the company, and is likely to entirely exit his holding," IHF said in the exchange filing.
Life Insurance Corporation (LIC) of India is the largest institutional shareholder in IHF, having around 8.5 percent holding. Vanguard, Blackston Inc, TreeTop Asset Management, Blackrock, PIMCO are some of the other large foreign institutional shareholders, the company said.
IHF relinquishing the indiabulls brand and distancing itself from erstwhile promoter and his entities… and how it’s a board run company now with promoter continuing to pare stake etc.
