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Indiabulls Housing Finance to sell stake in OakNorth
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Indiabulls Housing Finance to sell stake in OakNorth
Publish on : 2018-11-10 12:25:04
Mumbai: Indiabulls Housing Finance plans to sell all or part of its 18.7 per cent stake in UK-based OakNorth Holdings within a month to a private equity fund. The deal, if it goes through, will help the company rake in over six times gain on investment in less than three years.  OakNorth Holdings has investors including Singapore’s Government Investment Corporation and Clermont Group. The current valuation of Indiabulls’ stake is up to Rs 4,500 crore.  “Indiabulls is looking to sell stake in the UK-based mortgage lender OakNorth to a large private equity fund,” said a source close to the development. “The deal is likely to close within a month. The enterprise value of OakNorth is over $2.5 billion to $2.9 billion as per this transaction. Indiabulls has met with potential investors including Softbank’s Vision Fund. SoftBank is looking to subscribe to new shares as well as buy stake from Indiabulls Housing Finance.”  An Indiabulls Housing spokesperson declined to comment. Source :- Economic Times

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