Indiabulls Housing: Founder steps down, sells stake & why you should be watching Dhani Services stock

Indiabulls Housing Finance announced its promoter Sameer Gehlaut has sold 11.9 percent stake in the company, and will be resigning from the board by March 31.

Sameer Gehlaut, who founded Indiabulls Housing 21 years ago, and his promoter companies have sold 11.9 percent in the company, bringing down their ownership to 9.8 percent, according to an exchange filing.

As per a Bloomberg report, Gehlaut and his firms sold their stake to investors led by Blackstone Group Inc. and Abu Dhabi Investment Authority as the sector comes out of a three-year meltdown.

So what next for Gehlaut? He now puts his focus entirely on Dhani Services, a company that was demerged from Indiabulls Housing. Sameer who will remain the CEO of Dhani, he said he's focused on building a world-class fintech and digi-health platform and remains excited for the growth prospects.

Dhani Services Ltd is a consumer business that operates through it’s app Dhani and provides digital healthcare and digital transactional finance to its customers