Softbank Invests Rs 2,800 Crore In Indiabulls Housing-Backed OakNorth Bank
OakNorth was seeded by Indiabulls Housing Finance Ltd. in October 2015.
Indiabulls Housing Finance Ltd. said Japan's Softbank is investing Rs 2,800 crore of equity capital in its associate OakNorth, a commercial bank in the U.K.
"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 said OakNorth is the fastest growing new bank in Europe, leveraging technology tools for fast and efficient disbursal to the small and medium-sized enterprises sector. The bank has no physical branches.
"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 Indiabulls Housing in October 2015 with Rs 650 crore to own a 40 percent controlling stake in the bank. Last year, Indiabulls sold a part of its holding to the government of Singapore for Rs 900 crore.
Shares of Indiabulls Housing Finance were trading nearly 5 percent lower at Rs 620.25 apiece on BSE.