Indiabulls Housing sells additional stake in OakNorth to raise Rs 441 crore

NEW DELHI: Indiabulls Housing Finance on Friday said it has sold its additional stake in OakNorth Bank for Rs 441 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.

The company has further sold a portion of its stake in OakNorth Holding Ltd– wholly owned parent company of OakNorth Bank Ltd–to Riva Capital Partners V, LP, USA, for approximately Rs 441 crore, according to a regulatory filing.

“With the latest stake sale, the company has raised a total of Rs 2,273 crore as fresh equity in the month of September and October 2020 (Rs 683 crore through qualified institutional placement and Rs 1,590 crore through sale of a stake in OakNorth) adding to the regulatory equity capital of the company,” it added.

In the current fiscal till now, it has issued bonds of Rs 2,780 crore and has raised Rs 2,273 crore in fresh equity adding to the regulatory equity capital of the company.

The shares of the company closed at Rs 154.90 apiece on the BSE, up 3.92 per cent from the previous close.