Indiabulls Housing Finance on Thursday said it has sold a part of its stake in the UK-based OakNorth Holding Ltd, the parent company of OakNorth Bank Ltd, to HighSage Ventures LLC for Rs 440 crore.

In a regulatory filing, Indiabulls Housing Finance said that the sale proceeds will be accretive to the regulatory net worth and the capital to risk weighted assets ratio (CRAR) of the non-banking finance company.

On Wednesday, the company had informed about a partial stake sale in OakNorth Bank in one or more tranches to boost its capital.

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

“The company 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,” Indiabulls Housing Finance added.

OakNorth Bank was launched in September 2015 and the company had invested Rs 663 crore in November 2015 for a 40 per cent stake in the bank.

With the first major investment from Indiabulls Housing in 2015, the bank started addressing the mid-market funding gap in the UK, a business similar to loans against property business that Indiabulls Housing has done very successfully, the non-bank lender said.

The Indiabulls Housing Finance stock closed at Rs 194.55 on the BSE, down 3.28 per cent.