Indiabulls Housing raises Rs 220 crore through stake sale of OakNorth Holdings

Indiabulls Housing Finance Ltd. announced on Friday that it has raised Rs 220 crore by selling stake in OakNorth Holdings.

Indiabulls Housing Finance Ltd. announced on Friday that it has raised Rs 220 crore by selling stake in OakNorth Holdings.

The finance company stated in its BSE regulatory filing. “Indiabulls Housing Finance Limited (the “Company”) has further sold a portion of its stake in OakNorth Holdings Ltd. (the wholly owning parent company of OakNorth Bank plc) (“OakNorth”) for approximately ₹ 220 crores. 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 ₹ 2,493 crores as fresh equity in the month of September and October 2020 (₹ 683 crores through QIP and ₹ 1,810 crores through sale of stake in OakNorth) adding to the regulatory equity capital of the Company.”

Indiabulls also stated that it has issued bonds of Rs 2,780 crores in the current fiscal and has raised Rs 2,493 crores additional fresh equity.