IIFL Capital Services Limited has informed the Exchange about Public Announcement for Open Offer
IIFLCAPS · price
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FIH Mauritius Investments Ltd (backed by Fairfax Group) along with HWIC Asia Fund (PAC) has announced a mandatory open offer to acquire up to 26% stake in IIFL Capital Services Limited at INR 350 per share. The total offer size is approximately INR 3,505 crore assuming full acceptance. This open offer is triggered under SEBI (SAST) Regulations because the Acquirer will exceed 25% voting rights threshold through a preferential issue of 5.71 crore shares (INR 2,000 crore) and secondary purchase from promoter sellers. The Acquirer's existing stake of 21.98% will increase to 62.81% post-transaction. The deal does not intend to delist the company and requires CCI approval, stock exchange in-principle approval, and various regulatory approvals for change in control of subsidiaries.
Shareholders can tender their shares at INR 350 per share (cash) during the 10 working day tendering period. The open offer represents a change in control event with Fairfax Group consolidating its position in IIFL Capital Services. Public shareholding must be maintained at minimum 25% per SEBI regulations.