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Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million

Reuters
·1-min read

MUMBAI (Reuters) - Fairfax India Holdings Corp said on Thursday its wholly-owned subsidiary, FIH Mauritius Investments, sold a 9.7% stake in Indian private lender CSB Bank to comply with regulatory norms.

The proceeds of the sale amounted to 5.9 billion rupees ($70.7 million) in gross terms, Fairfax India said in a release.

After the sale, Fairfax India's stake in Kerala-based CSB Bank will reduce to 40% from 49.72% at the end of March.

Toronto-based Fairfax India Holdings is backed by Canadian billionaire Prem Watsa and invests in public as well as private equity securities and debt instruments in India.

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In November, FIH Mauritius Investments received approval from the Reserve Bank of India to bring down its shareholding in CSB Bank to 26% within 15 years, instead of 15% as advised by the central bank earlier.

CSB Bank's shares were up 4.1% in early trade on Thursday.

($1 = 83.5050 Indian rupees)

(Reporting by Siddhi Nayak; Editing by Eileen Soreng)