Indiabulls Explained

Indiabulls
Type:Conglomerate
Foundation:January 2000
Location:Indiabulls House, Udyog Vihar, Gurgaon, Haryana, India
Industry:Financial services
Products:Financial services
Real estate
Pharmaceutical
Construction equipment leasing
LED lights and facilities sector

The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, whose primary businesses are housing finance, consumer finance, and real estate. The group also has a presence in wealth management, construction-equipment rentals, pharmaceuticals, and LED lighting.[1] [2]

History

Indiabulls was started in 2000 with the establishment of Indiabulls Financial Services, a stockbroking firm co-founded by three IIT Delhi graduates–Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal.[3] [4] Indiabulls Financial Services subsequently set up subsidiaries in stockbroking, consumer finance, housing finance and real estate, among others.[5]

In 2004, Indiabulls Financial Services became a publicly-listed company after its initial public offering.[6] Indiabulls Real Estate was demerged from the company in 2006,[7] and Indiabulls Securities in 2008.[8]

In 2013, Indiabulls Financial Services reverse merged with its wholly-owned subsidiary, Indiabulls Housing Finance, to form the flagship company of the group.[9]

In 2014, the group was split between the three promoters with Sameer Gehlaut retaining management control over Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Securities and Indiabulls Wholesale Services, while Rajiv Rattan and Saurabh Mittal obtained control of Indiabulls Power (renamed RattanIndia Power) and Indiabulls Infrastructure (renamed RattanIndia Infrastructure).[10]

By 2017, Indiabulls Housing Finance had become the second-largest housing finance company in India[11] and was included in the NIFTY 50 benchmark index.[12] However, between late 2018 and 2019, its shares and bonds experienced a sharp decline in value due to a credit market crisis triggered by the collapse of IL&FS, the company's shrinking balance sheet, allegations of fraud by group promoters, and a proposed merger with the beleaguered Lakshmi Vilas Bank, which fell through.[13]

In 2020, the group announced that it would exit Indiabulls Real Estate in a merger deal with Embassy Group entities.[14] Sameer Gehlaut stepped down as the chairman of Indiabulls Housing Finance in 2020[15] and ceased to be its promoter in 2023.[16]

In 2021, Groww acquired Indiabulls AMC, the mutual funds business of the group, for 175 crore.[17]

Listed companies

Equity shares of the companies are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).[18]

Notes and References

  1. Web site: Karthik . Hamsini . Indiabulls to be renamed as Samman Capital; will let go HFC tag and operate as NBFC . BusinessLine . 2023-10-02 . 2024-04-19.
  2. Web site: Indiabulls set to launch operations in Gulf countries . The Economic Times . 2013-06-13 . 2024-04-19.
  3. News: Ransomware allegedly hits Indiabulls Group: Cyble. The Economic Times. 22 August 2020. 17 November 2020. https://web.archive.org/web/20201117225608/https://economictimes.indiatimes.com/industry/banking/finance/ransomware-allegedly-hits-indiabulls-group-cyble/articleshow/76525764.cms. live.
  4. News: The Rs 29,000-crore surprise . 2 August 2023 . Business Today . 4 October 2007 . en.
  5. News: Indiabulls set for revamp . 2 August 2023 . The Times of India . 5 February 2007.
  6. News: Indiabulls IPO at Rs 19 . 2 August 2023 . The Telegraph . en.
  7. News: Indiabulls to demerge its real estate business . 2 August 2023 . The Economic Times . 2 May 2006.
  8. News: Indiabulls Financial slips on hiving off securities biz . 2 August 2023 . The Economic Times . 1 January 2008.
  9. News: Indiabulls Financial Services completes reverse merger . 2 August 2023 . Business Standard.
  10. News: Indiabulls' three promoters split Rs 8.8k cr group . 2 August 2023 . The Times of India . 10 July 2014.
  11. News: Indiabulls HF appoints Mundra as a director . 8 September 2023 . The Hindu . 19 August 2018 . en-IN.
  12. News: IOC, IBHFL to replace Idea, BHEL in NSE Nifty50 from March 31 . 8 September 2023 . Business Standard.
  13. News: Indiabulls Housing: Sameer Gehlaut Sells Half His Stake, Plans on Exiting the Board by Fiscal End . 8 September 2023 . The Wire.
  14. News: Priolker . Ashwini . Indiabulls Real Estate Approves Share-Swap Ratio For Merger With Embassy Group . 9 September 2023 . BQ Prime . 18 August 2020 . en.
  15. News: Gehlaut steps down as chief of Indiabulls Housing Finance . 10 September 2023 . The Times of India . 13 August 2020.
  16. News: Exchanges approve reclassification of Indiabulls Housing promoter Sameer Gehlaut to public . 10 September 2023 . CNBC TV18 . 23 February 2023 . en.
  17. News: Zerodha-rival Groww gets approval to acquire Indiabulls mutual fund business . 19 November 2021 . mint . 10 September 2021 . en . 19 November 2021 . https://web.archive.org/web/20211119211803/https://www.livemint.com/mutual-fund/mf-news/zerodharival-groww-gets-cci-nod-to-acquire-indiabulls-mutual-fund-business-11631250687990.html . live .
  18. Web site: Indiabulls forays in Car Loan Business. Business Standard News. 12 February 2019. 13 February 2019. https://web.archive.org/web/20190213125130/https://www.business-standard.com/article/press-releases/indiabulls-forays-in-car-loan-business-110021000126_1.html. live.
  19. News: Indiabulls Housing Finance rebrands themselves as Sammaan Capital . live . https://web.archive.org/web/20190212011458/https://www.indiainfoline.com/article/news-top-story/indiabulls-housing-finance-increase-home-loan-interest-rates-by-20bps-118080600299_1.html . 12 February 2019 . 11 February 2019 . India Infoline.
  20. Web site: Indiabulls Ventures' subsidiary launches mobile application 'Dhani App'. Business Standard News. 11 February 2019. 12 February 2019. https://web.archive.org/web/20190212011511/https://www.business-standard.com/article/news-cm/indiabulls-ventures-subsidiary-launches-mobile-application-dhani-app-117102500147_1.html. live.
  21. News: INDIABULLS REAL ESTATE LTD.. Business Standard News. 12 February 2019. 13 February 2019. https://web.archive.org/web/20190213005902/https://www.business-standard.com/company/indbull-realest-27800/information/company-history. live.
  22. News: SORIL Infra Resources History . 19 November 2021 . The Economic Times . 19 November 2021 . https://web.archive.org/web/20211119211811/https://economictimes.indiatimes.com/soril-infra-resources-ltd/infocompanyhistory/companyid-17663.cms . live .
  23. News: Sapam . Bidya . Indiabulls Group enters LED lighting business . 19 November 2021 . mint . 25 May 2017 . en . 19 November 2021 . https://web.archive.org/web/20211119211808/https://www.livemint.com/Industry/4d7BvxtiLC85MYXOt1vuML/Indiabulls-Group-enters-LED-lighting-business.html . live .
  24. News: Indiabulls Pharma receives Rs 155 crore investment from Clermont Group . 19 November 2021 . The Economic Times . 19 November 2021 . https://web.archive.org/web/20211119211804/https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/indiabulls-pharma-receives-rs-155-crore-investment-from-clermont-group/articleshow/61919741.cms . live .
  25. News: Sebi exempts Sameer Gehlaut IIS Trust from open offer obligation . 22 November 2021 . The Financial Express . 19 March 2021 . 22 November 2021 . https://web.archive.org/web/20211122085400/https://www.financialexpress.com/market/sebi-exempts-sameer-gehlaut-iis-trust-from-open-offer-obligation/2216291/ . live .

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