Indiabulls Housing raises Rs 630 crore by selling stake in OakNorth
With the latest stake sale, Indiabulls Housing Finance has raised a total of Rs 1,832 crore as fresh equity in the month of September
September 29, 2020 / 09:47 PM IST
Indiabulls Housing Finance on Tuesday said it has further sold a portion of its stake in OakNorth Holding Ltd, the wholly owning parent company of OakNorth Bank Ltd, to raise Rs 630 crore.
The undisclosed stake has been sold to TEMF Ltd, a fund managed by Toscafund Asset Management, the company said in a release.
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 Rs 1,832 crore as fresh equity in the month of September 2020 (Rs 683 crore through QIP and Rs 1,149 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company, it said.
Toscafund Asset Management is a multi-asset management fund with approximately $4 billion of assets under management. It was founded in the year 2000 and has an investor network spanning across global institutional investors, private family offices, and investment intermediaries, the company said in a release.