The change over will be effective February 1, 2022. For the last several months, Gehlaut has slowly been reducing his stake in the realty firm as Embassy Group is now taking charge of the entity to complete the process of merger with it.
In mid-2019, when Indiabulls group was planning to acquire Lakshmi Vilas Bank (LVB), one of the regulatory conditions was that the group would have to get out of the real estate business.
Although eventually Indiabulls Group was denied permission to take over LVB, the promoters kept reducing their stake in the real estate business. As a result, their holding in Indiabulls Real Estate is now down to about 6% from nearly 39% as of March 2019, just before the group bid to take over LVB, BSE data showed.
According to a release from the company, Krishnamurthy,former MD & CEO of HDFC Property Ventures, joined Indiabulls Real Estate as an independent director on the board for an initial term of three years. For over three decades, he has been in the real estate sector, during which he advised international and domestic real estate funds having an aggregate corpus of about Rs 7,100 crore. He is also on the boards of several realty, financial services and consumer businesses.