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Indiabulls Housing Finance sells part of its stake in OakNorth Holdings, raises Rs 93 crore

IHFL has raised a total of Rs 2,670 crore as fresh equity in the month of September, October, and November 2020 adding to the regulatory equity capital of the company

November 29, 2020 / 04:13 PM IST
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Indiabulls Housing Finance Ltd (IHFL) on November 29 announced that it had raised approximately Rs 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," the mortgage lender said in a regulatory filing.

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The firm has raised a total of Rs 2,670 crore as fresh equity in the month of September, October, and November 2020 - Rs 683 crore through QIP and Rs 1,987 crore through the sale of a stake in OakNorth - adding to the regulatory equity capital of the company, it added.

Last month, IHFL had sold its additional stake in OakNorth Bank for Rs 441 crore, while a portion of its stake was sold in September in OakNorth Holding Ltd to HighSage Ventures LLC for Rs 440 crore.

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Launched in September 2015, OakNorth Holding Ltd is the wholly-owning parent company of OakNorth Bank. Earlier in 2015, IHFL had invested Rs 663 crore in OakNorth Bank Ltd for a 40 per cent stake.

In the last trading at BSE, IHFL's shares were priced at Rs 187.05 in compared to the previous close of Rs 185.7.
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