Canada-based Fairfax India Holdings Corp (FIH) has acquired additional 21.85 per cent stake in Mumbai-based financial firm IIFL Holdings Ltd for nearly $200 million (Rs.1,341.37 crore) through an open offer, as per a report in PTI.
FIH has routed the investment through its subsidiary FIH Mauritius Ltd, which held 8.8 per in IIFL prior to the open offer. FIH Mauritius has bought additional 6.87 shares at Rs 195 each, taking its total shareholding to 30.72 per cent in IIFL.
Besides, FIH has an economic interest of approximately 5.24% in IIFL through derivative instruments, the report said.
In July FIH had announced an open offer to buy 26% stake in IIFL, which operates businesses in non-banking finance, housing finance, wealth management, retail broking, institutional equities, investment banking and insurance distribution.
Founded by Canadian investor V Prem Watsa in 2014, FIH is an investment holding company publicly traded on the Toronto Stock Exchange that invests in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.