India: Canadian firm Fairfax acquires 22% more in IIFL for about $200m

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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.

Also Read: Fairfax India hikes stake in agri-warehousing firm National Collateral to 88%

Fairfax India to acquire 45% stake in specialty chemicals maker ADI Finechem

ICICI to sell 9% stake in general insurance JV to Fairfax for $237 million

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.