Friday, Jan 28, 2022
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Indiabulls Housing Finance Sells Stake in OakNorth Holdings For Rs 251 Crores

The financer had sold stakes in the United Kingdom-based OakNorth in two portions last year. It had raised Rs 1,070 crore in total from the sale

Indiabulls Housing Finance Sells Stake in OakNorth Holdings For Rs 251 Crores
Indiabulls Housing Finance Sells Stake in OakNorth Holdings For Rs 251 Crores -

Indiabulls Housing Finance sold a portion of its stake in OakNorth Holdings for approx Rs 251 crores, the company stated in a regulatory filing with the Bombay Stock Exchange (BSE). The proceeds from the sale would be added to its regulatory equity capital. 

"The sale proceeds will be accretive to the regulatory net worth and the CRAR of the Company and will be added to the regulatory equity capital of the Company," the filing stated. 

The financer had sold stakes in the United Kingdom-based OakNorth in two portions last year. It had raised Rs 1,070 crore in total from the sale. 

OakNorth Bank was launched in September 2015. Indiabulls invested Rs 663 crores in November 2015 for a 40% stake in the bank. 

In a regulatory filing on Tuesday, the home financer said it had raised Rs 807.83 crore from the issuance of non-convertible debentures (NCDs). The company added that the retail category was oversubscribed 2.44 times (of the base size issue) with a total collection of Rs 146.22 crore. The base issue was oversubscribed 4.04 times.

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