Fairfax issues revised date for completion of IIFL open offer

Canadian investor Prem Watsa's Fairfax India Holdings has come out with a revised date for completion of open offer for raising stake in financial firm IIFL Holdings.

As per the letter of offer, the last date of publication of post-offer advertisement has been revised to December 7 from earlier announced October 13.

Last date for submission of final report to Sebi has been changed to December 7 as against October 13, letter of open offer made public by exchanges said.

Fairfax India Holdings Corp through its subsidiary FIH Mauritius Investments in July had announced an open offer to buy 26 per cent stake in IIFL.
 

It proposes to acquire 8.3 crore equity shares at a price of Rs 195 each other than those shares already owned by it and its affiliates according to regulations of the Sebi for substantial acquisitions of shares and takeovers, it said.

Fairfax, India's parent, owns approximately 8.97 per cent of IIFL and has an economic interest in another approximately 5.24 per cent of IIFL through derivative instruments.