Indiabulls Housing Finance Sells Part of Its Stake in Oaknorth Holdings

Mortgage lender Indiabulls Housing Finance Ltd announced that it has raised approximately ?93 crore by selling a portion of its stake in OakNorth Holdings Ltd. "The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company. With the lates

BY Realty Plus
Published - Tuesday, 01 Dec, 2020

Indiabulls Housing Finance Sells Part of Its Stake in Oaknorth Holdings

Mortgage lender Indiabulls Housing Finance Ltd announced that it has raised approximately ?93 crore by selling a portion of its stake in OakNorth Holdings Ltd. "The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company. With the latest stake sale, the company has raised a total of ? 2,670 crore as fresh equity in the month of September, October and November ( ? 683 crores through QIP and ? 1,987 crores through sale of stake in OakNorth) adding to the regulatory equity capital. Indiabulls Housing Finance had, last month, sold its additional stake in OakNorth Bank for ?441 crore. In September, it had sold a portion of its stake in OakNorth Holding Ltd to HighSage Ventures LLC for ?440 crore. OakNorth Holding Ltd is the wholly-owning parent company of OakNorth Bank Ltd that was launched in September 2015. Indiabulls Housing Finance had invested ?663 crore in November 2015 for a 40 per cent stake in the bank.