Indiabulls Housing Finance had hit a new low on Friday at Rs.640.15 and today, it is currently the top gainer on the BSE at Rs.712, up 9%.
The stock price has surged on unconfirmed news that the company plans to sell fully or part of its 18,7% stake in UK based OakNorth Holdings. The stake sale, allegedly is expected to happen within a month to a PE fund.
Indiabulls Housing, in Nov’15, had bought a 40% stake in OakNorth for Rs.663 crore.
In Nov’17, it sold around 10% stake to GIC Singapore for Rs.770 crore, indicating the way its investment has grown. And now for its proposed almost 19% stake sales, the news doing the rounds is that Indiabulls stake is currently worth Rs.4500 crore.