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| Exchange Received Time 14/11/2017 20:48:10 Exchange Disseminated Time 14/11/2017 20:48:20 Time Taken 00:00:10 | IHFL has sold 1/3 of its stake in OakNorth Bank Ltd., i.e. ~10% of the Bank to Government of Singapore owned investment arm GIC for Rs.770 Cr. IHFL had invested
Rs.663 Cr. in Nov 15 for a 40% stake in the Bank. With this partial divestment IHFL has recovered its entire investment in Bank made 2 years ago. The balance investment of IHFL in Bank is worth Rs.1510 Cr. at current valuation. Post this sale, IHFL continues to be the single largest shareholder in the Bank with two nominees on its board. Prior to this transaction, Bank had secured an investment of USD203 million from three leading international investors - The Clermont Group, Toscafund & Coltrane for a 16% stake, valuing the Bank upward of $ 1.2 billion. Founded in 2015 to address the mid-market funding gap in UK, a highly competitive and regulated market, the Bank became profitable after just 11 months, and within 2 years it has grown its loan book to over £ 800 million (For further details, refer attached file). |
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