With Union Budget 2019 being presented, Share price of Indiabulls Housing rose by 3.63% to open at 708.50. The price closed at 729.40.
The Competition Commission of India (CCI) had recently approved the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank.
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In April 2019, Lakshmi Vilas Bank had announced its merger with Indiabulls Housing Finance in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach. After the proposed merger, Indiabulls Housing Finance will get access to low-cost deposits, geographical diversification and expanded client-base and cross-selling opportunities.
Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB). The BSE group 'A' stock of face value Rs 2 has touched a 52-week high of Rs 1,396.85 on 6 August 2018 and a 52-week low of Rs 500.20 on 19 June 2019.
The stock has lost a whopping 41% value in the last one year, compared with a 12% rise in the Nifty during the period. The promoters holding in the company stood at 21.66%, while Institutions and Non-Institutions held 69.29% and 9.06%, respectively.
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