1. Prem Watsa’s Fairfax India to raise stake in IIFL for $225 million

Prem Watsa’s Fairfax India to raise stake in IIFL for $225 million

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 per cent for $225 million through a share tender offer.

By: | Mumbai | Published: July 14, 2015 11:08 AM
prem watsa

Fairfax India Holdings, a fund set up by Canadian investor Prem Watsa to target Indian assets, is set to take a majority stake in logistics firm National Collateral Management Services (NCMSL), two sources familiar with the matter said.

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 per cent 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 Rs 195 each, a premium of 3.6 per cent over the Indian firm’s close price on Monday.

Fairfax India’s parent Fairfax Financial Holdings Ltd already owns about 8.97 per cent of IIFL, and has an economic interest of another 5.24 percent 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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