Latest News | Fairfax Sells 3.2 Per Cent Stake in IIFL Finance for Rs 365 Cr
Get latest articles and stories on Latest News at LatestLY. Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday divested 3.2 per cent stake in IIFL Finance for Rs 365 crore through an open market transaction.
New Delhi, Dec 1 (PTI) Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday divested 3.2 per cent stake in IIFL Finance for Rs 365 crore through an open market transaction.
According to bulk deal data available with the BSE, Hamblin Watsa Investment Counsel (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, sold 12,165,000 shares of IIFL Finance, amounting to 3.2 per cent stake.
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The shares were offloaded at Rs 300.04 apiece, valuing the transaction size at Rs 365 crore.
Meanwhile, Smallcap World Fund Inc picked up 1 crore shares of IIFL Finance at Rs 300 apiece for an aggregate amount of Rs 300 crore.
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The scrip of IIFL Finance settled at Rs 316.25 on the BSE, up 2.36 per cent from the previous close.
As of September 2021, HWIC Asia Fund held 7.48 per cent stake in IIFL Finance, FIH Mauritius Investments, a subsidiary of Fairfax, owned 22.32 per cent stake in the company, while Smallcap World Fund Inc owned 1.61 per cent shareholding in the company.
IIFL Finance (erstwhile IIFL Holdings) is one of the leading players in the financial services space in india. Together with its subsidiaries -- IIFL Home Finance and Samasta Microfinance -- it provides a diverse range of loans and mortgages.
These include home loans, gold loans, business loans including loans against property and medium & small enterprise financing, micro finance, developer & construction finance and capital market finance; catering to both retail and corporate clients. PTI SP
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)