Indiabulls Housing Finance Ltd (IHFL), on Thursday, said it has sold a portion of its stake in OakNorth Holding Ltd(the wholly-owning parent company of OakNorth Bank) to HighSage Ventures for ₹440 crore.

The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital to risk weighted assets ratio) of the company, as per IBHFL’s regulatory filing.

The company did not disclose what part of its stake it sold or the balance stake it holds in OakNorth.

As per its latest annual report, IBHFL’s shareholding in OakNorth Holdings had reduced below 15 per cent on a fully diluted basis duringFY20.

HighSage Ventures is a Boston-based investment firm, with an investor network spanning the venture capital, private equity and public equity communities, IBHFL said.

During FY16, IBHFL invested ₹663.31 crore in OakNorth Holdings by subscribing to 818,615 shares of face value of £0.59 per share for 39.76 per cent stake, the company said in the report.

OakNorth Bank, a licensed UK commercial bank, is a wholly-owned subsidiary of OakNorth Holdings.

As of March 31, 2017, the company had a stake of 38.73 per cent. The report said that during FY18, IBHFL sold 277,000 shares from its stake in OakNorth Holdings Ltd for ₹767.78 crore.

IBHFL said it plans to conclude a few other transactions on the partial stake sale in OakNorth Bank over the next few days.

“The divestments in OakNorth Bank will result in boosting CRAR and shall free up capital to grow the loan book of the company,” as per the regulatory filing.