OakNorth Bank gets Rs 1,328 cr investment

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Indiabulls Housing Finance today said its 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 (USD 203 million) from 3 investors - Clermont Group, Toscafund & Coltrane-for a 16 per cent stake valuing it at GBP 962 million. Company's approximately 30 per cent stake is now valued at USD 380 million, against the original investment of USD 100 million," Indiabulls Housing Finance (IBHFL) said in a regulatory filing.

Indiabulls Housing Finance (IBHFL) said 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.

"This fresh investment will enable it to lend a further GBP 1.5 billion in 2018," it added.

In November 2015, Indiabulls Housing Finance announced acquisition of a 39.76 per cent stake in the UK's OakNorth Bank for USD 100 million (about Rs 661 crore).

Shares of Indiabulls Housing Finance were today trading 0.20 per cent higher at Rs 1,274.45 per scrip in the morning hours on BSE.