ICICI Securities Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 3(1), 3(2) and 4 read with Regulations 13(4), 14, 15(2) read ....
IIFLCAPS · price
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FIH Mauritius Investments Ltd (part of Fairfax Group) along with HWIC Asia Fund (PAC) is making a mandatory open offer to acquire up to 10,01,44,112 equity shares (26% of Expanded Voting Share Capital) of IIFL Capital Services Ltd at INR 350 per share. The total maximum consideration is approximately INR 3,505 crore. Currently, the Acquirer holds 21.98% and PAC holds 2.69% of the company. Additionally, a Preferential Issue of 5,71,42,857 shares will be allotted to the Acquirer at the same price of INR 350 per share, aggregating INR 2,000 crore. The offer is being made pursuant to SEBI (SAST) Regulations as the Acquirer intends to exceed 25% voting rights and acquire control of the Target Company. The offer period is 10 working days and the Identified Date is the 10th working day prior to commencement of the Tendering Period.
This open offer at INR 350 per share provides an exit opportunity to public shareholders. The acquisition, if successful, will give Fairfax Group control over IIFL Capital Services, a financial services company engaged in stock broking, investment advisory, merchant banking, and insurance broking. The deal is subject to regulatory approvals including CCI and SEBI.