Fairfax sells IIFL Finance shares worth Rs 180 cr

Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday offloaded IIFL Finance shares worth over Rs 180 crore through an open market transaction.According to bulk deal data available with NSE, Hamblin Watsa Investment Counsel HWIC Asia Fund, an affiliate of Fairfax Financial Holdings, sold 57,76,899 shares of IIFL Finance.


PTI | New Delhi | Updated: 08-12-2021 20:30 IST | Created: 08-12-2021 20:30 IST
Fairfax sells IIFL Finance shares worth Rs 180 cr
  • Country:
  • India

Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday offloaded IIFL Finance shares worth over Rs 180 crore through an open market transaction.

According to bulk deal data available with NSE, Hamblin Watsa Investment Counsel (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, sold 57,76,899 shares of IIFL Finance. The shares were offloaded at Rs 312.65 apiece, taking the transaction size to Rs 180.61 crore.

However, the buyer(s) of the shares couldn't be ascertained immediately.

The scrip of IIFL Finance settled 5 per cent lower at Rs 308.40 apiece on NSE.

The transaction comes after HWIC Asia Fund divested 3.2 per cent stake in IIFL Finance for Rs 365 crore on December 1.

As of September 2021, HWIC Asia Fund held 7.48 per cent stake in IIFL Finance and FIH Mauritius Investments, a subsidiary of Fairfax, owned 22.32 per cent stake 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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