Mr. Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd
India Bulls Housing has sold a portion of his stake in OakNorth Bank to TEMF Limited for Rs.630Cr.Toscafund Asset Management LLP is a multi-asset management fund with approximately $ 4 billion of assets under management.
With the latest stake sale, the Company has raised a total of Rs.1,832 cr as fresh equity in the month of September 2020 (Rs.683 cr through QIP and Rs. 1,149 cr through the sale of stake in OakNorth)
Recent QIP and stake sale would help India Bulls HFC to shore up Capital adequacy ratio, this provides comfort to an investor in an uncertain time, as real slippages from Moratorium book will be key for all financial companies. The true status of Asset quality will come to know post 31st Dec 2020. Currently, it trades 0.40x of trailing Networth which is below the historical average and other listed peers. However, investors would like to wait until better clarity emerges on slippages from moratorium book or how much percentage of the book required restructuring.
Shares of Indiabulls Housing Finance Ltd was last trading in BSE at Rs.152.05 as compared to the previous close of Rs. 155.2. The total number of shares traded during the day was 705891 in over 8199 trades.
The stock hit an intraday high of Rs. 157 and intraday low of 150.35. The net turnover during the day was Rs. 107945440.
