New Delhi, Oct 13 (PTI) Indiabulls Housing Finance todaysaid its investee company UK's OakNorth Bank has securedinvestment of GBP 154 million (approx Rs 1,328 crore) fromthree investors valuing it at GBP 962 million (approx Rs 8,290crore).
"OakNorth Bank has secured investment of GBP 154 million(USD 203 million) from 3 investors - Clermont Group, Toscafund& Coltrane-for a 16 per cent stake valuing it at GBP 962million. Company's approximately 30 per cent stake is nowvalued at USD 380 million, against the original investment ofUSD 100 million," Indiabulls Housing Finance (IBHFL) said in aregulatory filing.
Indiabulls Housing Finance (IBHFL) said founded in 2015,OakNorth Bank became profitable after just 11 months andwithin two years of operations has grown its loan book to overGBP 800 million.
"This fresh investment will enable it to lend a furtherGBP 1.5 billion in 2018," it added.
In November 2015, Indiabulls Housing Finance announcedacquisition of a 39.76 per cent stake in the UK's OakNorthBank for USD 100 million (about Rs 661 crore).
Shares of Indiabulls Housing Finance were today trading0.20 per cent higher at Rs 1,274.45 per scrip in the morninghours on BSE. PTI SVKSBT.
This is unedited, unformatted feed from the Press Trust of India wire.