Indiabulls Housing Finance sells stake in OakNorth Holdings

Indiabulls Housing Finance has sold a stake in OakNorth Holdings worth Rs 251 crore, and the funds would be added to its equity capital.

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

In 2020, the company sold two portions of its stake in the UK-based OakNorth, raising Rs 1,070 crore.

OakNorth Bank was founded in September 2015, with Indiabulls Housing Finance investing Rs 663 crore for a 40% stake in the bank in November 2015.

Indiabulls Housing Finance Ltd's stock closed at Rs 225.70 per share on the Bombay Stock Exchange, down 1.76% from its previous close.

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