MUMBAI: At a time when most NBFCs are struggling to boost money through the equity route thanks to the Covid-related issues, Indiabulls Housing Finance is on target to boost about Rs 2,200 crore through a mixture of stake sale to institutional investors and partial divestment in one among its associate companies.
On Thursday, Indiabulls said it’s sold a part of its stake in OakNorth, a digitalonly bank within the UK for about Rs 440 crore. it’s within the process of selling further portions of its stake within the UK-based bank. These inflows are additionally to the continued QIP by the corporate through which it’s expected to mobilise about Rs 800 crore. Sources said the corporate is in advanced talks to sell some more stake within the UK bank for an additional Rs 1,000 crore.
The fund mobilisations by Indiabulls will increase its regulatory net worth, boosting its capital adequacy ratio.
Indiabulls had bought a 40% stake in OakNorth Bank in November 2015 for about Rs 663 crore. In November 2017, it sold one-third of its holdings to CIC, the Singapore government’s investment arm for Rs 770 crore.
