Indiabulls Housing Finance promoter Sameer Gehlaut will resign from the company at the end of the current fiscal after selling 11.9 per cent stake in the firm.

“I will be resigning from the board of the company by end of the current fiscal ending March 31, 2022 and will be completing the process of de-promotorisation of the company with requisite approvals,” Gehlaut said in a letter to the board of Indiabulls Housing Finance.

Gehlaut is the founder and non-executive director of the Indiabulls Group.

The letter was included in a stock exchange filing by the company on Thursday.

Gehlaut and his promoter companies sold 11.9 per cent stake in the company through a block deal on Thursday.

According to NSE, there was a block deal for 3,68,71,200 shares aggregating ₹967.31 crore. This works out to about ₹262.35 a share.

The entities that bought the shares sold by Sameer Gehlaut and his promoter companies include Morgan Stanley Asia (Singapore) PTE, Abu Dhabi Investment Authority, GMO Emerging Domestic Opportunities Fund, HSBC Global Investment Funds, IMF (in respect of staff retirement plan), Invesco Mutual Fund and Quant Mutual Fund.

In his letter, Gehlaut said he has done this “with a view to making the company a fully professionally managed and run company”, but will continue to hold on to the remaining stake.

“With this sale, I and my promoter companies now own 9.8 per cent of the company. I intend to hold these shares and participate in the future growth story of the company,” he said. As of end September 2021, promoter and promoter group held 21.69 per cent stake in the company.