Indiabulls group begins to implement restructuring exercise

Mumbai: Indiabulls group has begun a shareholding transfer among its three erstwhile promoters, under which Rajiv Rattan and Saurabh Mittal are getting power and infrastructure businesses, while Sameer Gehlaut will get full control of other businesses.

Under the deal agreed between three founder-promoters, Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Securities and Indiabulls Wholesale Services will see exit of Rattan and Mittal, giving full control to Gehlaut.

At the same time, Gehlaut would relinquish his rights and interests from two other listed firms -- Indiabulls Power and Indiabulls Infrastructure and Power -- in favour of Rattan and Mittal.

Taking forward this restructuring exercise, announced on July 9, at least four listed Indiabulls firms today saw transfer of shares between their various promoters as per the deal.

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Rattan and Mittal offloaded 12.05 lakh shares and 10 lakh shares respectively of Indiabulls Housing Finance, while the same were picked up by Orthia Developers.

In Indiabulls Infra, Jyestha Infrastructure sold 8.63 crore shares of the company, which were bought by Laurel Energetics.

Further, Yantra Energetics offloaded 97.56 lakh scrips of Indiabulls Real Estate to Jyestha Infrastructure. Besides, Gragerious Projects offloaded 40.45 lakh shares of Indiabulls Wholesale to Jyestha Infrastructure.

PTI