On 11 May, the housing finance company announced that it executed definitive transaction document to divest its mutual fund business to Nextbillion Technology, part of Groww Group ('Groww') for about Rs 175 crore. The company along with its wholly owned subsidiary companies Indiabulls Asset Management Company (IAMCL) and Indiabulls Trustee Company, Trustee of IAMCL, (ITCL) has executed definitive transaction document with Groww, to divest its entire stake in mutual fund business, being carried out by IAMCL & ITCL to the Groww at an aggregate purchase consideration of Rs 175 crore, subject to necessary approvals.
Indiabulls Housing has decided to focus on its real estate asset management business through AIF structures in line with its asset-light strategy. The real estate asset management business is complementary to the core business of the company. The mutual fund business does not remain a core focus area for Indiabulls Housing Finance. Therefore, the company has decided to focus management bandwidth and consolidate capital towards its core lending business and divest out of the mutual fund business.
Groww commenced its financial services business in May 2016 and currently is one of the leading tech platforms for investing in stocks and mutual funds. Nextbillion Technology is a SEBI registered stock broker, depository participant and AMFI registered mutual fund distributor.
The transaction is expected to be concluded on or before 30 June 2022. Post conclusion of the transaction, the company will cease to hold any equity shares and its sole control over IAMCL and ITCL.
Shares of Indiabulls Housing Finance were trading 0.11% lower at Rs 227.15 on BSE.
Indiabulls Housing Finance provides home loans and loans to small business owners.
Powered by Capital Market - Live News
Beware of fraudulent tips, unauthenticated news and advice on stock market.
At BOB Capital, your account security is our topmost priority. Beware of receiving fraudulent communications, unauthenticated trading tips and unsolicited calls on trading in stocks from unverified sources, received through Whatsapp, Telegram, SMS, Calls, etc and take an informed decision before investing.
What should you do if you receive a trading tip over phone or SMS?
Report unsolicited messages to the Stock Exchange on +91 8291833676 or on designated email id i.e. feedbk_invg@nse.co.in. Please visit here to understand better.
Please visit CVC website at pledge.cvc.nic.in and take "Integrity Pledge" to be an active part of the "Satark Bharat, Samriddh Bharat" (Vigilant India, Prosperous India).
Filing complaints on SCORES - Easy & quick: a. Register on SCORES portal scores.sebi.gov.in/ b. Mandatory details for filing complaints on SCORES are i. Name, PAN, Address, Mobile Number, E-mail ID. c. Benefits: i. Effective communication ii. Speedy redressal of the grievances.
Valued Customer,
BOB Capital Markets Limited (BOBCaps) is firmly committed to the safety of your wealth. We would like to bring to your notice certain precautions that you certainly must take against potential tele-fraudsters/ unscrupulous and unregistered portfolio managers:
ALWAYS AVOID
We would like to caution you against such fraudulent calls and SMSes and urge you to be alert. Follow the golden rule:
Do not share your Login Credentials or Passwords with anybody
BOBCaps employees / representatives never ask for your password.
Certain tele-fraudsters / unscrupulous and unregistered portfolio managers call customers or SMS them on the pretext of providing investment tips and lure them to invest through their bogus firms by promising huge profits.
Such deceitful callers ask the customer to share his/her login credentials with passwords to allow trading in their accounts, assuring huge returns.
Often trades done in the customer’s accounts are far from the best interest of the customers. Holdings of customers are often sold and with the funds, trades are then placed in illiquid securities at unrealistic prices.
At times, the holdings of customers are sold at prices detrimental to the customer. The so-called “portfolio manager” assures profits, which naturally does not materialize. Customers are deceived into providing access to their trading accounts, thereby allowing such fraudsters access to funds and securities available to execute trades, injurious to the customer’s interest.
In our continuous effort to keep you safeguard from the market related frauds and increase awareness while conducting trades, we request you to go through the Press Release issued by the NSE and would request you to ensure that you do not engage with the individuals and entities mentioned below: