FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation, has acquired an additional equity interest in IIFL Capital Services Limited for approximately ₹3,500 crore, through a combination of a preferential allotment of equity shares aggregating to approximately ₹2,000 crore, representing approximately 10% of the expanded share capital of the Company; a mandatory open offer for up to 26% of the expanded voting share capital of the Company; and arrangements with the existing promoters.
Khaitan & Co advised IIFL Capital Services on this transaction. The Firm advised the Company on Fairfax India’s strategic investment and proposed acquisition of majority control, including transaction structuring and addressing key regulatory and commercial considerations; negotiating transaction documents; and advising on governance matters, regulatory filings, and promoter/control-related implications in connection with implementation of the transaction.
The core team consisted of Shishir Vayttaden (Partner), Anvita Mishra (Counsel), Niyati Dholakia (Principal Associate) and Harishankar Raghunath (Senior Associate) with assistance from the following:
Mandatory open offer: Abhishek Dadoo (Partner), Anvita Mishra (Counse), Gaurang Mansinghka (Senior Associate), Krithika Kataria (Associate) and Shruti Kunisetty (Associate);
Competition laws aspects: Anisha Chand (Partner), Soham Banerjee (Counsel) and Priyal Shukla (Associate);
Intellectual property aspects: Nirupam Lodha (Partner), Malika Nandkeolyar (Principal Associate) and Rebecca Cardoso (Associate).
Pursuant to this transaction, FIH Mauritius Investments Ltd and its affiliate, HWIC Asia Fund Class A, are proposed to increase their shareholding in IIFL Capital from approximately 30.5% to a minimum of 51% and join the promoter group alongside Mr. Nirmal Jain and Mr. R. Venkataraman upon completion of the transaction.
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