Mumbai: Shares of IIFL Holdings rose almost 3 percent on Wednesday after Fairfax India Holdings announced an open offer to buy an additional 26 percent stake in the financial services firm.
The stock gained 2.87 percent to Rs 213 on BSE.
On NSE, IIFL Holdings went up 2.94 percent to Rs 213.20.
The stock gained over 10 percent in the previous session, too.
Canadian investor Prem Watsa's Fairfax India Holdings yesterday announced acquisition of another 26 percent in the financial services company.
The company proposes to acquire 8.3 crore shares at a price of Rs 195 each for a valuation of Rs 1,621 crore, Fairfax India Holdings Corporation yesterday said in a statement.
The open offer is expected to close later this year, subject to receipt of regulatory approvals in India, it added.
"Fairfax India's parent - Fairfax Financial Holdings - currently owns approximately 8.97 percent of IIFL and has an economic interest in another approximately 5.24 percent of IIFL through derivative instruments (all acquired prior to the establishment of Fairfax India)," it said.
IIFL operates businesses in non-banking finance, housing finance, wealth management, retail broking, institutional equities, investment banking and insurance distribution.
