NEW DELHI: Indiabulls Housing Finance Limited (IHFL) on Thursday said it has sold a portion of its stake in OakNorth Holding Ltd to Boston-based investment firm HighSage Ventures LLC for Rs 440 crore. OakNorth Holding is parent company of UK bank OakNorth Bank.
The company said it also plans to conclude a 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 (CRAR) and shall free up capital to grow the loan book of the Company,”IHFL said in a statement.
OakNorth Bank was launched in September 2015 and the IHFL had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank. Meanwhile, OakNorth started addressing the mid-market funding gap in the UK, a business similar to loans against property business that Indiabulls carry out in India.