Fairfax India makes open offer to buy additional 26% in IIFL Capital Services

Kolkata: Fairfax India Holdings Corporation on Monday made an open offer to acquire an additional 26% stake in IIFL Capital services.

The open offer follows Fairfax India’s Rs 2,000 crore investment to increase its stake in IIFL Capital from 27.18% to 38.47%.

The open offer price has been fixed at Rs 350 per share for around 10 crore fully paid-up equity shares of IIFL Capital Services, face value of Rs 2.
Canadian Billionaire Prem Watsa’s Fairfax is making the investment through its wholly owned subsidiary FIH Mauritius Investments. HWIC Asia Fund, a Mauritius-based fund, is a co-investor.

Existing promoters held 30.87% at the end of March, while founder Nirmal Jain and wife Madhu Jain together held 18.88%.