Canada’s Fairfax India Holdings Corporation is planning to acquire another 26% stake in Mumbai-based financial services firm IIFL Holdings. The investment firm has announced an open offer to acquire 83.13 million shares in IIFL at Rs 195 per share for a total of Rs 1,621 crore.
The offer is expected to close later this year subject to receipt of regulatory approvals in India. Fairfax currently holds nearly 9% stake in IIFL and has an economic interest in another approximately 5.24% of IIFL through derivative instruments.
