Indiabulls Housing Finance on Thursday said that it will acquire a 39.76 per cent stake in the UK’s OakNorth Bank for $100 million (about Rs 661 crore).
Indiabulls Housing Finance on Thursday said that it will acquire a 39.76 per cent stake in the UK’s OakNorth Bank for $100 million (about Rs 661 crore).
The company said the acquisition will help it chart a roadmap to a deposit-taking franchise. “Pursuant to all applicable regulatory approvals from relevant regulators in lndia and the UK... Indiabulls Housing Finance Ltd is investing $100 million for 39.76 per cent stake in OakNorth Bank, a licensed UK commercial bank... the company will be the largest shareholder in the bank,” Indiabulls Housing Finance said in a regulatory filing.
It further said: “Sameer Gehlaut, the chairman of the company, will be investing in his persona| capacity up to 10 per cent stake in OakNorth Bank at the same valuation.”
Indiabulls Housing Finance said the investment has been identified and approved by the Strategic Investment Committee for Liability Franchise Development headed by K.C. Chakrabarty, an independent director on the board and former deputy governor of RBI, specially constituted by the Board for the purpose of creating a practical roadmap to a deposit-taking franchise.
