Shares of Indiabulls Housing Finance closed at Rs 254.30 apiece on BSESameer Gehlaut, promoter of Indiabulls Housing Finance, on Thursday sold a nearly 12 per cent stake in the firm through promoter companies to make it a fully professionally managed entity.

"I have sold 11.9 per cent in the company with a view to make the company a fully professionally managed and run company."With this sale, I and my promoter companies now own 9.8 per cent of the company.

I intend to hold these shares and participate in the future growth story of the company," Indiabulls Housing Finance quoted Gehlaut as saying in a regulatory filing.In a letter sent to the board members of the company, Gehlaut said ever since going public in September 2004 at Rs 19 per share, Indiabulls Housing Finance has been a "fabulous success story".Gehlaut said he will be resigning from the board of the company by the end of the current fiscal, ending March 31, 2022, and will be completing the process of de-promotorisation of the company with requisite approvals.Two years ago, the housing financier had envisioned to be a professionally run and innovative financial institution with a strong balance sheet, strong liquidity and masterclass corporate governance.Gehlaut held a total of 21.69 per cent stake in the company in his personal capacity (0.11 per cent) and through his promoter companies -- Inuus Infrastructure Pvt Ltd (7.70 per cent) and Sameer Gehlaut IBH Trust (13.89 per cent), before selling his nearly 12 per cent stake on Thursday.According to bulk deal data available with the stock exchanges, Sameer Gehlaut IBH Trust sold 2.98 crore shares of Indiabulls Housing Finance at Rs 262.35 per share on the NSE, another 1.25 crore equity shares at Rs 266.82 per share on the NSE, and 50 lakh shares at Rs 268.49 per share on the BSE.Apart from this, another promoter entity Innus Infrastructure offloaded 70.28 lakh shares of the housing finance company.

Those that picked up shares of the company include Abu Dhabi Investment Authority, International Monetary, Aurigin Master Fund, HSBC and Invesco Mutual Fund.The shares of Indiabulls Housing Finance closed at Rs 254.30 apiece on BSE, down by 4.06 per cent from the previous close.In a separate transaction, Hamblin Watsa Investment Counsel sold 30.52 lakh shares of IIFL Wealth Management at Rs 1,427.83 per share on the NSE, and 10 lakh shares at Rs 1,429.34 per share on the BSE.