Shares of Indiabulls Housing Finance settled 1.04 per cent lower at Rs 184.90 each on BSE.Mortgage loan provider Indiabulls Real estate Financing said today (May 11) that it has actually chosen to divest its mutual fund organization to the online investment platform Groww for an amount of Rs 175 crore.
According to the statement, Indiabulls Housing stated that it plans to focus the management bandwidth of the company and combine its capital towards the real estate asset management company, restraining with its asset-light technique.
(Also Check Out: Indiabulls Housing Financing Ties Up With HDFC To Deal Home Loans, Stock Edges Higher )Indiabulls Real Estate Financing is the nation's second-largest housing finance business.
Based on the information, the business expects the transaction with Groww to conclude by June 30, 2022.
Indiabulls Mutual Fund is one of the country's largest housing financing companies with a net worth of over Rs 16,500 crore.
The company is engaged in providing mortgage and loans to small business owners.
On the other hand online investment platform Groww began its financial services in May 2016 and is now one of the leading platforms for investing in mutual funds and stocks.Groww is backed by marquee investors such as Sequoia Capital India, Ribbit Capital, Tiger Global, and Y Combinator.
It is headquartered in Bengaluru and currently serving more than 1.5 crore users throughout 900 cities in the country.Additionally, the entry of a technology-focused fund house can provide more alternatives to financiers along with low-cost investment products.
Indiabulls Housing Financing is headquartered in Gurgaon and is regulated by the National Real Estate Bank.
On Tuesday, shares of Indiabulls Real estate Financing settled 1.04 percent lower at Rs 184.90 apiece on the BSE.