Fairfax offloads 5.9% stake in IIFL Securities for ₹118 crore

livemint.com:

₹118 crore through open market transactions. The stake was sold by Hamblin Watsa Investment Counsel Ltd (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, in two transactions on NSE and BSE.

As per the block and bulk deal data available with the NSE and BSE, Hamblin Watsa Investment Counsel Ltd A/C HWIC Asia Fund Class A Shares offloaded 1.20 crore shares on NSE and 60 lakh shares on BSE, amounting to a 5.9% stake in IIFL Securities. IIFL Securities’ shares were sold in the price range of ₹65.45-65.67 apiece, totaling the combined transaction value at ₹117.94 crore.

After the stake sale, Canadian billionaire Prem Watsa-backed Fairfax's shareholding in IIFL Securities fell to 3.38% from 9.28% at the end of June quarter. Theleme India Master Fund Ltd acquired 80 lakh shares, Zafar Ahmadullah bought 40 lakh shares on the NSE, while Aalidhra Textool Engineers purchased more than 32.05 lakh shares of IIFL Securities on the BSE.