Indiabulls Housing Finance: IB Housing Finance sells additional stake in OakNorth Holdings for Rs 220 crore

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, it said.

“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 approximately Rs 220 crore,” Indiabulls Housing Finance said in a regulatory filing.

The company said with the latest stake sale, it has raised a total of Rs 2,493 crore as fresh equity in the month of September and October 2020 (Rs 683 crore through qualified institutional placement (QIP) and Rs 1,810 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.

The shares of Indiabulls Housing Finance were trading 0.83 per cent lower at Rs 150.25 apiece on the BSE.

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