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Indiabulls Housing raises Rs 93 cr by paring stake in OakNorth Holdings

Capital Market 

The sale proceeds will be accretive to the regulatory net worth and the CRAR of the housing finance company.

Indiabulls Housing Finance on Saturday (28 November 2020) announced that it has raised about Rs 93 crore by further reducing its stake in OakNorth Holdings.

With the latest stake sale, the company has raised a total of Rs 2,670 crore as fresh equity in the month of September, October and November 2020, adding to the regulatory equity capital of the company. Out of the total Rs 2670 crore, Indiabulls raised Rs 683 crore through qualified institutional placement (QIP) and Rs 1,987 crore through stake sale in OakNorth.

Indiabulls Housing Finance is engaged in providing individual housing loans, loans against property (LAP) and project finance for real estate development.

On a consolidated basis, the housing finance company's net profit fell 54% to Rs 323.20 crore on a 25.9% decline in total income to Rs 2581 crore in Q2 September 2020 over Q2 September 2019.

Shares of Indiabulls Housing Finance rose 0.73% at Rs 187.05 on Friday.

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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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First Published: Mon, November 30 2020. 10:15 IST