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Indiabulls Housing raises Rs 630 crore by selling stake in OakNorth Bank

Indiabulls Housing raises Rs 630 crore by selling stake in OakNorth Bank

Indiabulls Housing raises Rs 630 crore by selling stake in OakNorth Bank
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By CNBC-TV18 Sept 29, 2020 11:47:13 PM IST (Published)

Indiabulls Housing Finance has raised about Rs 630 crore by selling a portion of its stake in OakNorth Holding, the wholly owning parent company of OakNorth Bank, to TEMF Limited, a fund managed by Toscafund Asset Management for Toscafund Asset Management LLP.

Indiabulls Housing Finance has raised about Rs 630 crore by selling a portion of its stake in OakNorth Holding, the wholly owning parent company of OakNorth Bank, to TEMF Limited, a fund managed by Toscafund Asset Management for Toscafund Asset Management LLP.

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With the latest stake sale, the company has raised a total of Rs 1,832 crore as fresh equity in September 2020 (Rs 683 crore through QIP and Rs 1,149 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.
“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 in a regulatory filing.
“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. The company has issued bonds of Rs 2,780 crore in the current fiscal till date and has raised Rs 1,832 crores in fresh equity in the current fiscal till date adding to the regulatory equity capital of the company.”
Further, the company has launched a buyback of all its bonds maturing in next 12 months.
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