General Announcement::Update - OakNorth Bank

Issuer & Securities

Issuer/ Manager
INDIABULLS HOUSING FINANCE LIMITED
Securities
INDIAB HF INR13.3B8.567%191015 - XS1487891852 - 4T4B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
13-Oct-2017 03:24:50
Status
New
Announcement Sub Title
Update - OakNorth Bank
Announcement Reference
SG171013OTHRC8JT
Submitted By (Co./ Ind. Name)
Indiabulls Housing Finance Limited
Designation
Amit Jain, Company Secretary
Description (Please provide a detailed description of the event in the box below)
we wish to place on record, as under

OakNorth Bank has secured investment of UK Pound154 Mn (USD 203 Mn) from three investors - The Clermont Group, Toscafund and Coltrane - for a 16% stake valuing OakNorth Bank at UK Pound 962 Mn (USD 1,270 Mn).

Indiabulls Housing Finance Limited s (IBHFL) approx. 30% stake is now valued at USD 380 Mn, against the original invested amount of USD 100 Mn. Thus, in a little under two years IBHFL s investment has multiplied by 3.8x.

Founded in 2015 to address the mid-market funding gap in the UK, a highly competitive and regulated market, OakNorth Bank became profitable after just 11 months and within two years of operations has grown its loan book to over 800 Mn. This fresh investment will enable OakNorth to lend a further UK Pound 1.5 Bn in 2018.

OakNorth Bank has been able to unlock the UK lending market for SMEs through a fintech solution called the ACORN data and technology platform. The ACORN machine, composed of three pillars data, technology and processes, collects millions of data items and then uses machine learning algorithms to distil information to enable lenders to make informed credit decisions. ACORN enables lenders to originate, underwrite, monitor and book transactions faster and more efficiently. ACORN has a team of credit analysts and data scientists that manage the process and train the machine learning algorithms enabling the platform to continuously evolve.

Attachments

IHFL - Oaknorth Intimation 12.10.2017.pdf
Total size =76K