Fairfax India to raise IIFL Capital stake to 51 percent
Fairfax India will invest 20 billion rupees to raise its stake in IIFL Capital to 51 percent. The funds will support growth in wealth and asset management.
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FAIRFAX INDIA HO-SUB VTG SHS will invest $211.1 million to increase its stake in IIFL CAPITAL SERVICES LTD to 51%. The investment via FIH Mauritius Investments is priced at 350 rupees per share, a 5.3% premium to IIFL Capital's closing price on Wednesday. This deal triggers a mandatory open offer and provides capital to scale IIFL Capital's wealth and asset management businesses in India.
