Fairfax India Holdings Corporation has completed an equity infusion into Chennai-based Sanmar Chemicals Group, taking its equity interest in the group to about 43 per cent.
Under the terms of the deal, Sanmar bought bonds worth $300 million (around Rs 1,990 crore) held by Fairfax India, along with accrued interest at an effective annual interest rate of 13 per cent, for a net cash consideration of approximately $425 million (Rs 3,020 crore).
Fairfax India re-invested approximately $200 million (Rs 1,420 crore) of the cash consideration received from the bond sale to buy Sanmar common shares.
Following this investment, Fairfax India’s equity interest in