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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).

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