Fairfax Offers to Buy 26% of Indian Brokerage for $255 Million
ByFairfax India Holdings Corp., the $1 billion fund created by Toronto-based investor Prem Watsa, offered to buy 26 percent more in Indian brokerage IIFL Holdings Ltd. for $255 million.
Fairfax India announced an offer to purchase about 83.1 million shares of IIFL Holdings at 195 rupees apiece from the open market for a total 16.21 billion rupees ($255 million), according to a stock exchange statement. Parent Fairfax Financial Holdings Ltd. already owns 14.21 percent in IIFL, including 5.24 percent through derivatives.
“It is not that they are going to participate in the management or have a control in the company,” Nirmal Jain, chairman of IIFL Group, said in an interview to Bloomberg TV India on Tuesday…
Fairfax Offers to Buy 26% of Indian Brokerage for $255 Million
