A day after Fairfax India's Rs 2,000 crore preferential investment got announced, its wholly-owned subsidiary FIH Mauritius Investments Ltd. has formally launched an open offer to acquire an additional stake of up to 26% of IIFL Capital Services from public shareholders at Rs 350 per share, with the total consideration amounting to up to Rs 3,505 crore assuming full acceptance, the company confirmed in an exchange filing.
The open offer seeks to acquire up to 10 crore equity shares - representing 26% of the expanded share capital of IIFL Capital - from public shareholders.
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The open offer is a mandatory triggered offer after an investment agreement dated May 7, under which FIH Mauritius will acquire 5.71 crore shares through a preferential issue - a primary infusion of Rs 2,000 crore - and may additional purchase shares from promoters Nirmal Jain and R. Venkataraman through a secondary purchase.
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Prior to the transaction, FIH Mauritius and HWIC Asia Fund together held approximately 30.5% of the expanded share capital - 27.2% and 3.3% respectively. Post this issue and assuming full open offer acceptance, FIH Mauritius's stake could rise to 38.47%.
ALSO READ: IIFL Capital Shares Surge Over 5% After Fairfax India Investment
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