Breaking News

You are here » Indian-Commodity  :  Top News  :  Indiabulls Housing sells its one third stake in OakNorth Bank for Rs 770 crore


Indiabulls Housing sells its one third stake in OakNorth Bank for Rs 770 crore

Indiabulls Housing Finance (IHFL) has sold one third of its stake in OakNorth Bank, comprising 10% of the bank to Government of Singapore owned investment arm GIC for Rs 770 crore. IHFL had invested Rs663 crore in November 15 for a 40% stake in the bank. With this partial divestment IHFL has recovered its entire investment in bank made 2 years ago. The balance investment of IHFL in bank is worth Rs 1,510 crore at current valuation.

Post this sale, IHFL continues to be the single largest shareholder in the bank with two nominees on its board. Prior to this transaction, the bank had secured an investment of $203 million from three leading international investors - The Clermont Group, Toscafund & Coltrane for a 16% stake, valuing the bank upward of $1.2 billion.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

Related News

View all news

Physical rubber prices ruled steady on Saturday

Physical Rubber prices ruled steady on Saturday due to buyer resistance in the market. Spot prices for RSS-4 and RSS-5 variety closed unchanged at Rs 125/ kg and Rs 120.50/ kg respectively.In the futures......

Gold futures trade almost steady on Monday

Gold futures traded almost steady on Monday, with cautious outlook from investors as they eyed on impending report from china showcasing dimmed economic growth to its slowest in 28 years in 2018 in face......

Crude palm oil futures trade in green on rise in demand

Crude palm oil futures traded in green on MCX in line with the firm  trend in Malaysian palm oil prices. Moreover, rise in spot demand from domestic markets coupled with the worries on dip in......

Top News

View all news

Glenmark Pharma recalling 96,240 applicators of its product from US

Glenmark Pharmaceuticals is recalling 96,240 applicators of its product Estradiol vaginal inserts for defective delivery system. The USFDA has termed it as a Class-II recall. The USFDA has classified Class-II......

Infosys hires over 7,600 staff in US

Infosys has hired over 7,600 staff in the US. This hiring is more than three-fourth of its target of recruiting 10,000 American workers. The company is making recruitment from local schools a 'sustained......

SBI to sell 26% stake of SBI payment services

State Bank of India (SBI) is planning to sell 26% stake of its SBI payment services (SPSPL) to Hitachi Payment Services (HPY). After allotment of the shares, SBI shareholding in SPSPL will become 74% from......