Indiabulls Housing Finance sold a portion of its stake in OakNorth Holdings, a wholly-owned parent company of OakNorth Bank PLC, for approximately Rs 251 crore.
As per the company's press statement, the sale proceeds will be accretive to the regulatory net worth and the capital-to-risk weighted assets ratio (CRAR) of the company and will be added to the regulatory equity capital of the company.
Indiabulls Housing Finance's consolidated net profit rose 3.2% to Rs 281.69 crore on a 9.4% decline in net sales to Rs 2,325.75 crore in Q1 FY22 over Q1 FY21.
Shares of Indiabulls Housing Finance shed 1.76% to Rs 225.70 on Friday. Indiabulls Housing Finance provides home loans and loans to small business owners.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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