Indiabulls Housing Finance on Friday said it has sold an additional stake in OakNorth Holdings Ltd for Rs 220 crore.
In a regulatory filing, Indiabulls Housing said, “Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holdings Ltd (the wholly owned parent company of OakNorth Bank plc) for approximately Rs 220 crore.”
The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital to risk weighted assets ratio) of the company, the company said.
The company said with the latest stake sale, the company has raised a total of Rs 2,493 crore as fresh equity in the month of September and October 2020 (Rs 683 crore through qualified institutional placement (QIP) and Rs 1,810 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.
“Indiabulls Housing in its category of AA / AA+ rated HFCs/ NBFCs is at the top position for both raising bonds and fresh equity in the current fiscal,” it added.
The shares of Indiabulls Housing Finance were trading 0.50 per cent higher at Rs 152.25 apiece on the BSE.