Indiabulls Housing Finance in an exchange filing has informed that it has divested its entire stake in mutual fund business, being carried out by Indiabulls Asset Management Company Ltd. and Indiabulls Trustee Company Ltd to Nextbillion Technology Private Ltd, part of the Groww group. This is at an aggregate purchase consideration of Rs 175.62 crores.
The company has received all necessary approvals in relation to the transaction and the closing date for this transaction is May 3, 2023.
As on December 31, 2022, on a consolidated basis, the company had a balance sheet of Rs 74,106 crores and net worth of Rs 17,269 crores. The company's net gearing was at 2.3 times, with capital adequacy of 33.8 percent.
The stock is trading about 2 percent higher on the exchanges at 10am on Wednesday.
Also read: Exchanges approve reclassification of Indiabulls Housing promoter Sameer Gehlaut to public
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