Indiabulls Housing Finance to mull share buyback on Monday

Indiabulls Housing Finance informed the exchanges on Wednesday that the company’s board of directors will be meeting on October 14 to consider share buyback.

In a regulatory filing on Wednesday, the company stated that a meeting of the Board of Directors of Indiabulls Housing Finance Ltd will be held on Monday, October 14, 2019, to consider, the proposal of Buy-back of equity shares of the Company.

This news comes just after Indiabulls Real Estate and Indiabulls Ventures announced that their boards would discuss share buyback at the October 11 meeting.

The company informed that the Trading Window for dealing in securities of the Company, which had been closed earlier, shall remain closed till 48 hours after the declaration of financial results for the quarter ended September 30, 2019.

Shares of the mortgage lender - Indiabulls Housing Finance has already hit its lowest level since April 2014 after the Delhi High Court accepted a public interest litigation filed against the company for alleged irregularities, violations and siphoning of funds.

On Thursday, shares of Indiabulls Housing Finance have plummeted by more than 14 per cent after the Reserve Bank of India rejected the proposed merger of the mortgage financier with the Lakshmi Vilas Bank.

At 10:15 hours, the stock was trading in BSE at Rs. 209.80, down by 12.69 per cent. The stock had opened at Rs. 228.05 as compared to the previous close of Rs. 240.30. The stock hit an intraday high of Rs. 2460.00 and intraday low of 208.20.