Fairfax Group Divests 5.7% Stake in IIFL Finance - Rs 1,198 cr

New Delhi, Dec 22 (PTI) Canadian billionaire Prem Watsa's Fairfax Group on Friday divested a 5.7 per cent stake in IIFL Finance for Rs 1,198 crore through an open market transaction.

Fairfax Group through its affiliate FIH Mauritius Investments Ltd have sold the shares of IIFL Finance Ltd.

According to the bulk deal data available with the BSE, FIH Mauritius Investments offloaded 2,16,02,000 crore shares, representing a 5.7 per cent stake in IIFL Finance Ltd.

The shares were disposed of at an average price of Rs 554.64 apiece, taking the transaction value to Rs 1,198.13 crore.

After the latest transaction, FIH Mauritius Investments' shareholding had declined to 15.2 per cent from 20.90 per cent in IIFL Finance.

Meanwhile, Nomura India Investment Fund Mother Fund acquired more than 26.20 lakh shares of IIFL Finance at an average price of Rs 551.01 per share, taking the deal size to Rs 144.39 crore, as per the data.

The scrip of IIFL Finance declined 3.86 per cent to close at Rs 572.60 apiece on the BSE.

IIFL Finance (erstwhile IIFL Holdings) is one of the leading players in the financial services space in India. Together with its subsidiaries -- IIFL Home Finance and Samasta Microfinance -- it provides a diverse range of loans and mortgages.

These include home loans, gold loans, business loans including loans against property and medium & small enterprise financing, microfinance, developer & construction finance and capital market finance; catering to both retail and corporate clients.

In April this year, FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax India Holdings Corp, offloaded a 1.4 per cent stake in 360 One Wam for Rs 210 crore.

360 One Wam was formerly known as IIFL Wealth Management.

In 2021, Fairfax Group divested a 3.2 per cent stake in IIFL Finance for Rs 365 crore.

In a separate bulk deal on the BSE, CVCIGP II Employee Ebene Ltd sold shares of Sansera Engineering for Rs 116 crore through an open market transaction.

CVCIGP II Employee Ebene disposed of 12 lakh shares of Sansera Engineering at an average price of Rs 966.10, taking the deal size to Rs 115.93 crore, as per the data.

HDFC Standard Life Insurance picked up 8.25 lakh shares of the company, while details of the others buyers are not ascertained.

On Friday, shares of Sansera Engineering gained 0.91 per cent to settle at Rs 992.65 apiece on the BSE.