Indiabulls Housing Finance Gains After Announcing Divestment Plans

Share price of Indiabulls Housing Finance gained around two per cent on Wednesday, May 12, a day after the mortgage lender announced its plans to divest its mutual funds business. On Wednesday, Indiabulls Housing Finance opened at Rs 187, witnessing an intra day high of Rs 192.95 and an intra day low of Rs 184.50, in the trading session so far. According to a regulatory filing by the company to the stock exchanges, Indiabulls Housing Finance plans to divest its mutual fund business to online investment platform Groww for Rs 175 crore. (Also Read: Indiabulls Housing Finance Divests Mutual Fund Business To Groww For ₹ 175 Crore )

According to the details of the statement, the company expects the transaction with Groww to conclude by June 30, 2022. Indiabulls Housing Finance plans focus on the management bandwidth of the firm. It seeks to consolidate its capital towards the real estate asset management business. Currently, it is the country's second-largest housing finance company and is headquartered in Gurugram, Haryana.

On the other hand, online investment platform Groww started its services in 2016 and now operates as one of the leading platforms in the country for investing in stocks and mutual funds.

On the NSE, Indiabulls Housing Finance opened at Rs 186.50, registering an intra day high of Rs 192.95 and an intra day low of Rs 184.50, in the session so far. It was last trading 1.35 per cent higher at Rs 187.40 on the NSE.

Shares of Indiabulls Housing Finance were last trading 1.35 per cent higher at Rs 187.40 on the BSE