Indiabulls Housing Finance today said that is investee company UK’s OakNorth Bank has secured investment of GBP 154 million (approx Rs. 1,328 crore) from three investors valuing it at GBP 962 million (approx Rs. 8,290 crore).
“OakNorth Bank has secured investment of GBP 154 million ($203 million) from three investors — Clermont Group, Toscafund & Coltrane — for a 16 per cent stake valuing it at GBP 962 million. The company’s approximately 30 per cent stake is now valued at $380 million against the original investment of $100 million,” Indiabulls Housing Finance (IBHFL) said in a regulatory filing today.
Founded in 2015, OakNorth Bank became profitable after just 11 months and within two years of operations has grown its loan book to over GBP 800 million, the filing said.
“This fresh investment will enable it to lend a further GBP 1.5 billion in 2018,” it added.
In November 2015, Indiabulls Housing Finance had acquired 39.76 per cent stake in the UK’s OakNorth Bank for $100 million (about Rs. 661 crore).
Shares of Indiabulls Housing Finance were trading up by 0.71 per cent at Rs. 1,280.85 on the BSE.