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Fairfax India to Acquire Additional Equity Interest In IIFL Capital Services Limited
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES FAIRFAX...
About this update from Fairfax India Holdings Corp
[{"type":"text","content":"Fairfax India to Acquire Additional Equity Interest In IIFL Capital Services Limited\nNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES FAIRFAX INDIA TO ACQUIRE ADDITIONAL EQUITY INTERESTIN IIFL CAPITAL SERVICES LIMITED (Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted.) TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that, through its wholly-owned subsidiary, FIH Mauritius Investments Ltd, it has entered into an investment agreement (the “Investment Agreement”) with IIFL Capital Services Limited (“IIFL Capital”) and its existing promoters pursuant to which Fairfax India, through a combination of transactions, will increase its ownership interest in IIFL Capital such that Fairfax India, together with its affiliate, will own at least a 51% equity interest (the “Target Shareholding”) in IIFL Capital upon consummation of the transactions. Pursuant to the terms of the Investment Agreement, Fairfax India intends to acquire additional equity shares of IIFL Capital through a combination of (i) a subscription for new shares of IIFL Capital representing approximately 10% of IIFL Capital’s share capital, at a price of INR 350 per share (the “Subscription Price”), and (ii) an open offer by Fairfax India to IIFL Capital’s public shareholders, as required by applicable Indian securities laws, to acquire, at the Subscription Price, up to a maximum of 26% of IIFL Capital’s share capital (the “Open Offer”). Pursuant to the Investment Agreement, if shares tendered to the Open Offer are insufficient for Fairfax India to reach the Target Shareholding, IIFL Capital’s existing promoters have agreed to sell such number of equity shares to Fairfax India at the Subscription Price that would result in Fairfax India acquiring the Target Shareholding. Subject to the results of the Open Offer, the aggregate consideration for the transactions is expected to be approximately INR 39.3 billion (approximately US$415 million at current exchange rates). Following completion of the transactions and subject to the results of the Open Offer, the combined equity interest...