In Splits

The Rs 20,600-crore Indiabulls group, which was recently in the news for purchasing a 87,444-sq ft property from Scottish Widows Investment in London, has split its empire. Now, Sameer Gehlaut, Chairman, Indiabulls will control and manage the group´s flagship companies such as Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Securities and Indiabulls Wholesale Services. The other promoters, Rajiv Rattan and Saurabh Mittal will control Indiabulls Power Ltd (IPL) and Indiabulls Infrastructure and Power Ltd (IIPL). However, they will be unable to use the Indiabulls brand name after December 31 this year. Gehlaut had earlier resigned as the chairman and director of IPL and IIPL. He will sell Rs 800 crore worth of shares in Indiabulls Power to Rattan and Mittal. In the group´s total market capitalisation of Rs 20,600 crore, Indiabulls Housing Finance, Indiabulls Real Estate and Indiabulls Power account for Rs 11,902 crore, Rs 3,541 crore and Rs 3,470 crore, respectively. Now, all eyes are on what´s next for Indiabulls after this break!