October 22, 2018 / 7:42 AM / 9 months ago

BUZZ-Indiabulls Housing Finance surges on report of plans to sell OakNorth stake

** Shares of Indiabulls Housing Finance Ltd climb as much as 13 pct to 738.8 rupees, their biggest intraday pct gain since May 16, 2014

** Co plans to sell all or part of its 18.7 pct stake in UK-based OakNorth Holdings within a month to a private equity fund, the Economic Times reported here

** “This could be a positive for the company, as a deal could potentially free up capital at a period like this (with liquidity concerns in the sector),” says Alpesh Mehta, deputy head of research at Motilal Oswal Securities

** A series of defaults at infrastructure financing and construction major IL&FS have led to a sell-off in many NBFC stocks and sparked concerns about liquidity

** Indiabulls Housing Finance did not comment on the report, while OakNorth could not be immediately reached for comment

** About 21.8 mln shares change hands, compared with the 30-day avg of nearly 8.4 mln shares

** Stock down 45.4 pct this year as of last close

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