“The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company,” Indiabulls Housing said in a BSE filing made after market hours on Friday.

With the latest stake sale, the company has raised a total of Rs 2,273 crores as fresh equity in the month of September and October 2020 (Rs 683 crore through QIP and Rs 1590 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.

Indiabulls Housing in its category of AA / AA+ rated housing finance companies (HFCs) or non-banking financial companies (NBFCs) is at the top position for both raising bonds and fresh equity in the current fiscal. The company has issued bonds of Rs 2,780 crore in the current fiscal till date.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.

The housing finance company's consolidated net profit tumbled 65.5% to Rs 272.84 crore on 33.7% drop in total income to Rs 2,578.23 crore in Q1 June 2020 over Q1 June 2019.

The scrip rose 3.92% to end at Rs 154.90 on the BSE on Friday. It traded in the range of 149.10 and 157.25 during the previous trading session.

On a year-to-date (YTD) basis, the stock has declined 50.53% while the benchmark S&P BSE Sensex has lost 1.80% during the same period.