2023-12-28 04:55:00
Matthew Cyriac, former co-chairman of private equity firm Blackstone India, has made a significant investment in Indiabulls Housing Finance Ltd. Cyriac purchased an additional 24.99 lakh equity shares, representing a 0.52 percent stake in the company, at an average price of Rs 213.57 per share. This brings his total holdings in the company to 1 percent, with 48,11,019 equity shares as of September 2023.
Indiabulls Housing Finance Ltd. (IBHFL) is a major player in the affordable housing segment, offering fast, convenient, and competitive home loans. In addition, the company provides loans to small businesses and MSMEs for property and more. It boasts a vast network with over 200 offices across India and a representative office in Dubai, serving NRIs/PIOs. The company has 5,373 manpower, 4603 employees, 151 branches, and more than 8,000 partners. Furthermore, IBHFL has established business relationships with various banks and mutual fund institutions, including Axis Bank, ICICI Bank, IDFC Bank, State Bank of India, Deutsche Bank, and HDFC Bank.
Despite its strong market presence, IBHFL experienced a decline in revenue from operations in FY22, falling by 2.94 percent to Rs. 8,983.31 crores. In FY23, the revenue further decreased to 8,719.28 crore, while the profit also declined to Rs 1,129.69 crore from Rs 1,177.74 crore. This has prompted questions around the company’s performance and future prospects.
The news of Matthew Cyriac’s increased stake in IBHFL has sparked interest in the company’s potential. With his extensive experience in the private equity sector, Cyriac’s investment could signal a vote of confidence in IBHFL’s long-term growth. As the housing finance sector continues to evolve, Cyriac’s move may have strategic implications for the company’s future. Investors and industry experts will be closely monitoring the developments at Indiabulls Housing Finance Ltd. in light of these recent developments.
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