Indiabulls Housing Finance sells part stake in OakNorth Holding

OakNorth Holding Ltd is parent company of UK bank OakNorth Bank.

HighSage Ventures LLC is a Boston-based investment firm with an investor network spanning the venture capital, private equity and public equity communities.

Indiabulls Housing Finance also said it plans to conclude few other transactions on the partial stake sale in OakNorth Bank over the next few days. The divestments in OakNorth Bank will result in boosting capital adequacy ratio and shall free up capital to grow the loan book of the company, Indiabulls Housing Finance said.

OakNorth Bank was launched in September 2015 and Indiabulls had invested ₹ 663 crore in November 2015 for a 40% stake in the bank. Within two years of this, in November 2017, the company recouped its investment by selling about 10 per cent stake to the Government of Singapore's investment arm GIC for ₹770 crore.

Indiabulls Housing Finance shares were down 3% in afternoon trade at ₹195.40 apiece.

Indiabulls Housing Finance board had sought shareholders' approval for raising up to USD 300 million (about ₹2,200 crore) by issuing securities through QIP or through foreign currency convertible bonds (FCCBs) during the course of the next one year.