Indiabulls Housing Finance has informed that the Company has decided to focus on its Real Estate Asset Management business (REAM) through AIF structures in line with its asset-light strategy, which is complementary to the core business of Company and it plans to grow this business in partnership with global player(s). Therefore, the Mutual Fund business does not remain a core focus area for Company. Considering above, the Company has decided to focus management bandwidth and consolidate capital towards its core lending business and divest out of the Mutual Fund business. In this respect, Company along with its wholly owned subsidiary companies IAMCL & ITCL has executed definitive transaction document with Nextbillion Technology, part of Groww Group, to divest its entire stake in mutual fund business, being carried out by IAMCL & ITCL to the Groww at an aggregate purchase consideration of Rs 175 Crores (including cash and cash equivalents of Rs 100 Crore, as on closing date) subject to necessary approvals.
The above information is a part of company’s filings submitted to BSE.