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Indiabulls Housing Finance raises Rs 682.87 cr through QIP issue

Capital Market 

Addtionally raises Rs 522 crore through divestment of its stake in OakNorth

Indiabulls Housing Finance announced the closure of its qualified institutions placement of equity shares on 14 September 2020 pursuant to receipt of application forms for an aggregate of 3,47,74,811 fully paid up Equity Shares of the Company and the funds in the escrow account from eligible qualified institutional buyers in accordance with the terms of the Issue, which opened on 09 September 2020.

The company has approved the issue price of Rs 196.37 per Equity Share (including a premium of Rs 194.37 per Equity Share), which is at a discount of 5% (i.e. Rs 10.33 per Equity Share) to the floor price of Rs 206.70 per Equity Share.

Further, the company has sold a portion of its stake in OakNorth Holding (the wholly owning parent company of OakNorth Bank) (OakNorth), to an existing sovereign shareholder of the Bank for Rs 82 crore. Additionally, on 10 September 2020, the company sold a partial stake in OakNorth for Rs 440 crore to private equity investors, thus taking the sale of partial stake in OakNorth for an aggregate amount of Rs 522 crore during the last one week.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 15 2020. 09:10 IST