2 new players eye Watsa's ₹3,500-crore IIFL stake
Two renowned investors, Advent International Corp from the United States and Temasek Holdings from Singapore, are reportedly engaged in negotiations to acquire Fairfax Financial Holdings' stake in IIFL Finance. The Canadian firm, founded by Prem Watsa, currently owns a substantial 13.7% stake in IIFL Finance through its Mauritius subsidiary.
The exit from IIFL Finance is part of Fairfax's broader strategy to acquire IDBI Bank. To facilitate this acquisition, Fairfax must divest its IIFL Finance shares, which will also provide funding for the IDBI Bank buyout. As of Thursday, IIFL Finance shares were trading at 607.15 apiece on the BSE, valuing Fairfax's stake at approximately ₹3,500 crore.
Advent International Corp and Temasek Holdings have yet to respond to inquiries from ET, while Temasek's representative declined to comment on market speculation. IIFL Finance has not provided any comment regarding these potential buyers. The company's spokesperson stated that they cannot comment on behalf of Fairfax or confirm market speculation, emphasizing their commitment to adhere to applicable laws and regulations.
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- Advent, Temasek in talks for Fairfax stake in IIFL Fin economictimes.indiatimes.com
