Fairfax-backed FIH Mauritius Investments Ltd. pared its stake in IIFL Finance Ltd. for Rs 1,198 crore through open market transactions on Friday.
The investor offloaded 2.16 crore shares, representing 5.66% equity in the NBFC, at Rs 554.64 apiece, according to bulk deal data on the BSE.
Fairfax makes its investments through the Mauritius-based, wholly owned subsidiary. It held a 20.9% stake in IIFL Finance as of September.
The buyers include Nomura India Investment Fund, which bought 26.2 lakh shares (0.68%) at Rs 551.01 apiece, and Mansi Share and Stock Advisors, which mopped up 21.4 lakh shares (0.56%) at Rs 555.42 apiece.
IIFL Finance shares fell for the second consecutive session on Friday, dropping as much as 7% intraday following the large trade and news that the lender needs to unwind alternative investment fund exposure worth Rs 182.4 crore.
The announcement came after the RBI directed banks and non-banking financial companies to liquidate their holdings in AIFs, which have downstream investments in debtor companies.
The scrip pared losses to close 4.01% lower at Rs 572.60 apiece, as compared with a 0.44% advance in the benchmark NSE Nifty 50.
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