New Delhi, Aug 16 (PTI) Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday pared a 5.9 per cent stake in brokerage firm IIFL Securities for Rs 118 crore through open market transactions.

Hamblin Watsa Investment Counsel Ltd (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, offloaded shares of IIFL Securities in two transactions on NSE and BSE.

Also Read | Fake Mobile Applications: IRCTC Sounds Alarm Over Malicious 'IRCTC Rail Connect' Mobile App To Trick Common Citizens.

Hamblin Watsa Investment Counsel Ltd A/C HWIC Asia Fund Class A Shares offloaded 1.20 crore shares on NSE and 60 lakh shares on BSE, amounting to a 5.9 per cent stake in IIFL Securities, as per the block and bulk deal data available with the NSE and BSE.

The shares were disposed of in the price range of Rs 65.45-65.67 apiece, taking the combined transaction value to Rs 117.94 crore.

Also Read | DRDO ADA Recruitment 2023: Vacancies Notified for 50 Project Engineer Posts, Apply Online at ada.gov.in.

Post the transaction, Fairfax's shareholding in IIFL Securities declined to 3.38 per cent from 9.28 per cent at the end of June quarter.

Meanwhile, Theleme India Master Fund Ltd acquired 80 lakh shares, Zafar Ahmadullah bought 40 lakh shares on the NSE, while Aalidhra Textool Engineers purchased more than 32.05 lakh shares of IIFL Securities on the BSE.

Shares of IIFL Securities bounced 7.47 per cent to close at Rs 69.61 apiece on the BSE and jumped 7.02 per cent to settle at Rs 69.40 apiece on the NSE.

(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)