Indiabulls Housing Finance on Friday revealed that SoftBank, which is a Japanese based Bank is now investing around Rs 2800 crore of equity capital in its associate OakNorth, which is a Commercial Bank in the UK.
“With this investment, the total equity capital in the bank will be Rs 7,000 crore,” Indiabulls Housing Finance said in a regulatory filing.
Indiabulls Housing Finance revealed OakNorth is the fastest growing new Bank in Europe, which is using technology tools for the quick and efficient disbursals to the small and medium-sized enterprise sector, as of now, the bank has no physical branches and presences.
“The current loan book of OakNorth is Rs 21,390 crore, and the bank has no delinquencies as on date,” the company added.
OakNorth was seeded by the Indiabulls Housing in the month of October 2015 with Rs 650 crore to own a 40% controlling stake in the Bank. Previously last year, Indiabulls sold a part of its holding to the Singapore Government for the Rs 900 crore.
Following the policies and development, shares of the Indiabulls Housing Finance is secured at Rs 614.15 per share, down the 5.91 percent on the Bombay Stock Exchange.