New Delhi, Dec 22 (PTI) Canadian billionaire Prem Watsa's Fairfax Group on Friday divested a 5.7 per cent stake in IIFL Finance for Rs 1,198 crore through an open market transaction.

Fairfax Group through its affiliate FIH Mauritius Investments Ltd have sold the shares of IIFL Finance Ltd.

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According to the bulk deal data available with the BSE, FIH Mauritius Investments offloaded 2,16,02,000 crore shares, representing a 5.7 per cent stake in IIFL Finance Ltd.

The shares were disposed of at an average price of Rs 554.64 apiece, taking the transaction value to Rs 1,198.13 crore.

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After the latest transaction, FIH Mauritius Investments' shareholding had declined to 15.2 per cent from 20.90 per cent in IIFL Finance.

Meanwhile, Nomura India Investment Fund Mother Fund acquired more than 26.20 lakh shares of IIFL Finance at an average price of Rs 551.01 per share, taking the deal size to Rs 144.39 crore, as per the data.

Shares of IIFL Finance declined 3.86 per cent to close at Rs 572.60 apiece on the BSE.

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