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Toronto, March 31, 2022 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India” or “Company”) (TSX: FIH.U) is a wholly owned subsidiary of FIH Mauritius Investments Ltd. A contract to sell 9.8% of the shares of “IIFL Wealth”) to Bain Capital for 14.49 billion in dollars (about 190.8 million dollars at the current exchange rate). As a result of the sale of a 9.8% stake in IIFL Wealth, we expect to record a realized profit of approximately $ 65 million. The transaction is subject to normal closing conditions and approvals and is expected to close in the third quarter of 2022. Upon completion of the transaction, Fairfax India’s stake in IIFL Wealth will be approximately 3.8%.
About Fairfax India
Fairfax India is an investment holding company that aims to achieve long-term capital valuation while maintaining capital and is dependent on India and India’s businesses or clients, suppliers, or primarily or India.
For more information, please contact:
John Burnell, Vice President of Corporate Affairs
This press release may contain forward-looking statements within the meaning of the applicable securities law. Forward-looking statements may relate to the future outlook and expected events or outcomes of our or India’s investment, including financial position, business strategy, growth strategy, budget, operations, financial results, taxes and dividends. , May contain statements about planning and purpose. society. In particular, statements regarding our company, Indian investments, or future outcomes, performance, outcomes, outlooks or opportunities in the Indian market are forward-looking statements. In some cases, forward-looking statements may refer to forward-looking terms such as “plan,” “expect,” “not expect,” “expected,” “budget,” “plan,” and “estimate.” Can be identified using. , “Prediction”, “Intention”, “Prediction”, “Unexpected”, “Believe”, or a variation of such a word or phrase, or a particular action, event, or result is “potential”, “Possible”, “Possible” stated, “Possible”, “Yes” or “Take”, “Occurs” or “Achieved”.
Forward-looking statements are based on our opinions and estimates as of the date of this press release and are known and unknown risks and uncertainties that may result in actual results, levels of activity, performance or outcomes. Affected by certainty, assumptions, and other factors. Substantially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: COVID-19 Pandemic. Oil price risk; Geographical concentration of investment; Foreign currency fluctuations; Volatility of the Indian securities market. We may invest in foreign private companies whose information is unreliable or unavailable. Evaluation methods include subjective judgment. Financial market fluctuations; the pace at which investments are completed. Minority investment; Dependence on key personnel and risks associated with investment advisory contracts. Proceedings; Use of Leverage; Significant ownership by Fairfax can adversely affect the market price of subordinated voting shares. Meteorological risk; Taxation risk; Emerging markets; Multilateral treaties; Economic risk; Subordinate voting price for book value risk per share. Additional risks and uncertainties are set forth in our annual information form dated March 4, 2022. This form is available on SEDAR. www.sedar.com And our website www.fairfaxindia.ca.. These factors and assumptions are not intended to represent a complete list of factors and assumptions that may affect us. However, these factors and assumptions should be carefully considered.
We have attempted to identify key factors whose actual performance may differ materially from those contained in the forward-looking statements, but may cause results to differ from what is expected, estimated or intended. There may be other factors. Actual results and future events may differ materially from those expected in such statements, and there is no guarantee that such statements will be accurate. Therefore, readers should not place undue reliance on forward-looking statements. We undertake to update the forward-looking statements contained in this document except as required by applicable securities law.
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Fairfax India Announces Sale of Shares in IIFL Wealth Management Limited, Canadian Business Journal
Source link Fairfax India Announces Sale of Shares in IIFL Wealth Management Limited, Canadian Business Journal