Indiabulls Housing Finance to divest partial stake in OakNorth Bank Ltd

Indiabulls Housing Finance Limited ['the Company'] is in the process of exploring various options in connection with the partial divestment of its equity shareholding in OakNorth Bank Ltd, in one or more tranches. The divestment shall result in boosting CRAR and shall free up capital to grow the loan book of the Company.

The Company had invested Rs. 663 crores in November 2015 for a 40% stake in the bank. Within two years of this, in November 2017, the Company recouped its investment by selling ~10% of the bank to Government of Singapore owned investment arm GIC for Rs. 770 crores.

Founded in 2015 to address the mid-market funding gap in the UK, a highly competitive and regulated market, OakNorth Bank became profitable in just 11 months, and within four years of operations has grown its deposits to just under £ 3 billion and its loan book to over £ 4 billion.

Shares of Indiabulls Housing Finance Ltd was last trading in BSE at Rs.201.15 as compared to the previous close of Rs. 202.25. The total number of shares traded during the day was 1984568 in over 23105 trades.

The stock hit an intraday high of Rs. 202.7 and intraday low of 193.2. The net turnover during the day was Rs. 394387081.

Source : Equity Bulls

Keywords