Indiabulls Housing gains 2% on stake sell in OakNorth Bank for Rs 770cr
Share price of Indiabulls Housing Finance advanced nearly 2 percent in the early trade on Wednesday on the back of partial stake sale in OakNorth Bank.
The company has sold 1/3 of its stake (around 10 percent) in OakNorth Bank to Government of Singapore owned investment arm GIC for Rs 770 crore.
The company had invested Rs 663 crore in November 2015 for a 40 percent stake in the bank.
With this divestment the company has recovered its entire investment in bank made 2 years ago. The balance investment of company in the bank is worth Rs 1510 crore at current valuation.
Post this stake sale, the company continues to be the single largest shareholder in the bank with two nominees on its board.
The company had reported 25 percent increase in its Q2 (July-September) net profit at Rs 861 crore against Rs 684.31.
The company declared an interim dividend of Rs 9 per equity share for the financial year 2017-18.
At 09:16 hrs Indiabulls Housing Finance was quoting at Rs 1,196.50, up Rs 3.55, or 0.30 percent on the BSE.
Posted by Rakesh Patil