Promoters hike stake in Indiabulls Financial to 28%

The promoters of Indiabulls Financial Services (IBFSL) have increased their stake in the company to a little over 28% by purchasing another 1.5% stake in the company for Rs 190 crore.
On Friday, the promoters — Sameer Gehlaut and Rajiv Rattan — bought 18 lakh and 9 lakh shares respectively for Rs 700 per share, amounting to around Rs 190 crore. On Friday, IBFSL shares were down by 2.73% to close at Rs 650, on the Bombay Stock Exchange.

Given the market conditions and the fact that most financial services stocks including banks are down 20-30% from their peaks of early January, this deal might actually start a trend where promoters believe that the prices have become very attractive for them to increase their stake, industry sources said.

Indiabulls has been in the news off late with announcements of plans to raise Rs 4,000 crore via an equity or long-term debt offering and had very recently announced a joint venture to set up an insurance company. Sources said the company is awaiting an asset management company licence.