Page 2 - Fairfax India

Prem Watsa's Fairfax India says it has $230 million in hand for new investments

Fairfax India has said that it has $230 million for new investments, and ongoing expenses in India. The money was part of its recently concluded public offering and private placement to the tune of $500 million. The India-born Canadian Billionaire Prem Watsa's Fairfax investment in Indian operations has reached around $5 billion, including $2.9 billion from its own account.Fairfax India came into being on January 30, 2015, when it issued 106.7 million shares raising gross proceeds of $1.1 billion by completing a public offering, a placement to cornerstone investors and an issue to Fairfax Financial. In September 2016 it completed a $225 million 2-year secured term loan from a syndicate of Canadian banks, led by Scotiabank.On January 13, 2017 Fairfax India issued 42.6 million shares at $11.75 per share in a public offering and a private placement to OMERS and Fairfax Financial, raising gross proceeds of $500 million.When the announced investments are completed and the term loan is ...