CCI clears Fairfax India’s proposal to acquire additional stake in IIFL Capital Services
The proposed transaction involves a preferential equity issue and shares tendered by public shareholders under a mandatory open offer
The Competition Commission of India (CCI) recently approved Fairfax India Holdings Corporation's plan to increase its stake in IIFL Capital Services. Fairfax India Holdings Corporation, through its Mauritius-based affiliate FIH Mauritius Investments Ltd (FIHM), is acquiring shares in IIFL Capital Services. The proposed deal involves FIHM purchasing new equity shares through a private placement and acquiring shares tendered by public shareholders under a mandatory open offer.
Additionally, FIHM may buy additional shares from the target company's promoters if its shareholding remains below a certain threshold after the primary subscription and open offer. The acquirer may also make secondary purchases if needed to maintain the required shareholding. Fairfax India Holdings Corporation is a Toronto-listed company owned wholly by Fairfax Financial Holdings Ltd, a Canadian property and casualty insurance company with operations in India.
IIFL Capital Services is a Sebi-registered financial services firm offering wealth management, investment banking, broking, and research services to high-net-worth and ultra-high-net-worth individuals and family offices in India.
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