Indiabulls Housing Finance sells additional stake in OakNorth Holdings Ltd
Indiabulls Housing Finance on Friday said it has sold an additional stake in OakNorth Holdings Ltd for Rs 220 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital to risk weighted assets ratio) of the company, the company added.
“Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holdings Ltd (the wholly owned parent company of OakNorth Bank Plc) for around Rs 220 crore,” it said in a communication to the stock exchanges.
With the latest stake sale, the company has raised a total of Rs 2,493 crore as fresh equity in the months of September and October. This includes Rs 683 crore through qualified institutional placement (QIP) and Rs 1,810 crore through a stake sale in OakNorth which will add to the regulatory equity capital of the company.
Earlier this month, the housing finance company had said that it had sold a part of its stake in OakNorth Holdings to HighSage Ventures LLC for Rs 440 crore. HighSage Ventures LLC is a Boston-based investment firm with an investor network spanning the venture capital, private equity and public equity segments.
OakNorth Bank was launched in September 2015 and Indiabulls Housing had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.
Shares of Indiabulls Housing closed at Rs 151 on the BSE on Friday, a loss of 0.33 per cent over its last close.