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Indiabulls Housing Finance sells part of its stake in OakNorth Bank

Thursday, 10 Sep 2020
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Indiabulls Housing Finance has sold a part of its stake in UK-based OakNorth Bank to HighSage Ventures, a Boston investment firm, for Rs 440 crore and will use the proceeds to bolster its capital adequacy ratio.

The company plans to conclude a few other transactions on the partial stake sale in OakNorth Bank over the next few days.

The divestment in OakNorth bank will result in boosting CRAR and free up capital to grow the loan book of the company.

The company invested Rs 663 crore for 40 percent stake in OakNorth Bank in November 2015. In November 2017, it sold around 10 percent of its stake to Singapore government’s investment arm GIC for Rs 770 crore.

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