Fairfax India to raise stake in IIFL for $ 225 m

Wednesday, 15 July 2015 00:00 -     - {{hitsCtrl.values.hits}}

Reuters: Canadian investor Prem Watsa’s Fairfax India Holdings Corp plans to increase its stake in Indian financial services firm IIFL Holdings Ltd. to up to 26% for $ 225 million through a share tender offer.

Fairfax India, a fund Hyderabad-born Watsa set up last year to boost India investments, said its Mauritius unit would buy about 83 million shares of IIFL at 195 rupees each, a premium of 3.6% over the Indian firm’s close price on Monday.

Fairfax India’s parent Fairfax Financial Holdings Ltd already owns about 8.97% of IIFL, and has an economic interest of another 5.24% through derivative instruments, the fund said.

It expects the offer to close later this year.

IIFL is a diversified financial services holding company, with business interests in non-banking finance, housing finance, wealth management, retail broking, institutional equities, investment banking and insurance distribution.

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