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Prem Watsa-backed Fairfax Group 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

Topics
Fairfax | Prem Watsa | IIFL

Press Trust of India  |  New Delhi 

IIFL

Canadian billionaire Prem Watsa-backed Group on Wednesday offloaded 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 Financial Holdings, sold 57,76,899 shares of 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, December 08 2021. 21:04 IST
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