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Fairfax India to raise stake in IIFL for $225 million

Reuters

MUMBAI (Reuters) - 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 percent 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 195 rupees each, a premium of 3.6 percent over the Indian firm's close price on Monday. Fairfax India's parent Fairfax Financial Holdings Ltd already owns about 8.97 percent 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. (Reporting by Zeba Siddiqui in Mumbai; Editing by Anupama Dwivedi)