General Announcement::Update- Indiabulls Housing Finance Ltd. (IHFL) sells part of its stake in Oaknorth Bank Ltd.
Issuer & Securities
SecuritiesINDIAB HF INR13.3B8.567%191015 - XS1487891852 - 4T4B
Stapled SecurityNo
Announcement Details
Announcement Title General Announcement
Date & Time of Broadcast15-Nov-2017 00:09:15
Announcement Sub TitleUpdate- Indiabulls Housing Finance Ltd. (IHFL) sells part of its stake in Oaknorth Bank Ltd.
Announcement ReferenceSG171115OTHRP5RQ
Submitted By (Co./ Ind. Name)Indiabulls Housing Finance Limited
DesignationMr. Amit Jain, Company Secretary
Description (Please provide a detailed description of the event in the box below)IHFL has sold one-third of its stake in OakNorth Bank Ltd., i.e. 10% of the bank to Government of Singapore owned investment arm GIC for Rs.770 crores. IHFL had invested Rs.663 crores in November 2015 for a 40% stake in the bank. With this partial divestment IHFL has recovered its entire investment in OakNorth Bank made 2 years ago. The balance investment of IHFL in OakNorth Bank Ltd. is worth Rs.1510 crores at current valuation. Post this sale, Indiabulls continues to be the single largest shareholder in the UK bank with two nominees on the board. Prior to this transaction, OakNorth bank had secured an investment of USD 203 million from three leading international investors - The Clermont Group, Toscafund and Coltrane for a 16% stake, valuing the bank upward of USD 1.2 billion.
Founded in 2015 to address the mid-market funding gap in the UK, a highly competitive and regulated market, OakNorth Bank became profitable after just 11 months, and within two years of operations has grown its loan book to over GBP 800 million. It has recently won City A.M. s UK s Bank of the Year award in the midst of stiff competition from the likes of JP Morgan, Metro, TSB and Monzo. And now this stake acquisition by GIC, Singapore further reaffirms investors faith in the long term potential of this rising challenger bank in UK s financial firmament. GIC, the sovereign wealth fund of Singapore, is known to be a disciplined long-term investor, with well over USD 100 billion of assets in more than 40 countries worldwide.

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