 "Indiabulls Housing Finance sells more stake in OakNorth for Rs 220 crore")
Indiabulls Housing Finance on Friday said it had sold a portion of its stake in OakNorth Holdings, the parent company of OakNorth Bank, for Rs 220 crore. The lender has been gradually selling its stake in the UK-based bank (OakNorth Bank), too.
In the past couple of months, it had sold parts of its stake in OakNorth Bank to US-based Riva Capital Partners for about Rs 441 crore, TEMF, a fund managed by Toscafund Asset Management, for around Rs 630 crore and to HighSage Ventures, a Boston-based investment firm for Rs 440 crore.
The mortgage lender has said the proceeds will be used to bolster the capital adequacy ratio of the lender. After the latest stake sale, the company has raised a total of Rs 2,493 crores in fresh equity in September and October.
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