The QIP issue opened on 9 September 2020 and closed on 14 September 2020.

Further, the company informed about the sale of a portion of its stake in OakNorth Holding to an existing sovereign shareholder of the bank for Rs 82 crore.

On 10 September 2020, Indiabulls Housing had already sold a partial stake in OakNorth for Rs 440 crore to private equity investors; and accordingly, Indiabulls has sold partial stake in OakNorth for an aggregate amount of Rs 522 crore, to private equity investors, during the last one week.

“The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company,” the housing financier said.

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 was down 1.64% at Rs 186.30 on the BSE. It traded in the range of 185.50 and 191.45 so far during the day.

Currently, the stock is trading 59.22% below its 52-week high of Rs 456.90 hit on 16 September 2019. It has surged 129.29% from its 52-week low of Rs 81.25 hit on 20 March 2020.