Indiabulls Housing Finance sells stake worth Rs 251 crore in OakNorth

NEW DELHI: Indiabulls Housing Finance has sold stake worth Rs 251 crore in OakNorth Holdings, and the proceeds from the sale will be added to its equity capital, according to a regulatory filing.

“Indiabulls Housing Finance Ltd has sold a portion of its stake in OakNorth Holdings Ltd (the wholly owning parent company of OakNorth Bank plc) for approximately Rs 251 crore.

“The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company and will be added to the regulatory equity capital of the company,” Indiabulls Housing Finance said in a regulatory filing on Friday.

During the same month last year, the company had sold stakes in the UK-based OakNorth in two portions, and raised Rs 1,070 crore.

OakNorth Bank was launched in September 2015, in which Indiabulls Housing Finance had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.

Shares of Indiabulls Housing Finance Ltd on Friday closed at Rs 225.70 apiece on BSE, down 1.76 per cent from the previous close.