Money & Banking

Indiabulls Housing raises ₹630 crore from Toscafund with stake sale in OakNorth Bank

Our Bureau Mumbai | Updated on September 30, 2020 Published on September 30, 2020

Launches buyback of all bonds maturing in next 12 months

Indiabulls Housing Finance said it has raised another ₹630 crore by selling more of its stake in OakNorth Bank.

“Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holding Ltd (the parent company of OakNorth Bank), to TEMF Ltd (a fund managed by Toscafund Asset Management) for approximately ₹630 crore,” it said in a regulatory filing on Tuesday. “The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company.”

It has also launched a buyback of all its bonds maturing in next 12 months, it further said.

With this stake sale in OakNorth Bank, Indiabulls Housing Finance has now raised a total of ₹1,832 crore as fresh equity in September 2020, which will add to its regulatory equity capital.

Also read: Indiabulls Housing sells stake in OakNorth Holding for ₹440 crore

Earlier this month, it had raised ₹683 crore through a qualified institutional placement and ₹522 crore from a partial stake sale in the bank.

“Indiabulls Housing in its category of AA/AA+ rated HFCs/ NBFCs is at the top position for both raising bonds and fresh equity in the current fiscal,” it said, adding that it has issued bonds of ₹ 2,780 crore in the current fiscal till date.

Toscafund Asset Management LLP is a multi-asset management fund with approximately $ 4 billion of assets under management.

As on June 30, 2020, the capital adequacy of Indiabulls Housing Finance was at 27.94 per cent. Its liquidity buffer stood at ₹11,925 crore as at end of the first quarter, representing 16 per cent of its balance sheet loan book.

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Published on September 30, 2020
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