Fairfax India Announces Sale of Equity Interest in IIFL Wealth Management Limited
31 Março 2022 - 8:50AM
Fairfax India Holdings Corporation (“Fairfax India” or the
“Company”) (TSX: FIH.U) announces that its wholly-owned subsidiary,
FIH Mauritius Investments Ltd., has entered into an agreement to
sell 9.8% of its shareholding in IIFL Wealth Management Limited
(“IIFL Wealth”) to Bain Capital for INR14.49 billion (approximately
$190.8 million at current exchange rates). As a result of the sale
of 9.8% of our shares in IIFL Wealth, the Company expects to record
a realized gain of approximately $65 million. The transaction is
subject to customary closing conditions and approvals and is
expected to close in the third quarter of 2022. Upon completion of
the transaction, Fairfax India's share ownership in IIFL Wealth
will be approximately 3.8%.
About Fairfax India
Fairfax India is an investment holding company
whose objective is to achieve long term capital appreciation, while
preserving capital, by investing in public and private equity
securities and debt instruments in India and Indian businesses or
other businesses with customers, suppliers or business primarily
conducted in, or dependent on, India.
For further information,
contact: John
Varnell, Vice President, Corporate Affairs(416) 367-4755
This press release may contain forward-looking
statements within the meaning of applicable securities legislation.
Forward-looking statements may relate to the Company’s or an Indian
investment’s future outlook and anticipated events or results and
may include statements regarding the financial position, business
strategy, growth strategy, budgets, operations, financial results,
taxes, dividends, plans and objectives of the Company.
Particularly, statements regarding future results, performance,
achievements, prospects or opportunities of the Company, an Indian
investment, or the Indian market are forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates” or “does not anticipate” or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”,
“might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on our
opinions and estimates as of the date of this press release, and
they are subject to known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results,
level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to the following factors: the
COVID-19 pandemic; oil price risk; geographic concentration of
investments; foreign currency fluctuation; volatility of the Indian
securities markets; investments may be made in foreign private
businesses where information is unreliable or unavailable;
valuation methodologies involve subjective judgments; financial
market fluctuations; pace of completing investments; minority
investments; reliance on key personnel and risks associated with
the Investment Advisory Agreement; lawsuits; use of leverage;
significant ownership by Fairfax may adversely affect the market
price of the subordinate voting shares; weather risk; taxation
risks; emerging markets; multilateral instrument; economic risk;
and trading price of subordinate voting shares relative to book
value per share risk. Additional risks and uncertainties are
described in the Company’s annual information form dated March 4,
2022 which is available on SEDAR at www.sedar.com and on the
Company’s website at www.fairfaxindia.ca. These factors and
assumptions are not intended to represent a complete list of the
factors and assumptions that could affect the Company. These
factors and assumptions, however, should be considered
carefully.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company does not undertake to update any
forward-looking statements contained herein, except as required by
applicable securities laws.
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