Public Announcement for Open Offer
IIFLCAPS · price
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FIH Mauritius Investments Ltd (backed by Fairfax Group) has triggered a mandatory open offer for IIFL Capital Services Limited. The acquirer, who currently holds 21.98%, is subscribing to a preferential issue of 5.71 crore shares at INR 350 each and will purchase additional shares from promoter sellers. The open offer targets up to 10.01 crore equity shares (26% of expanded voting capital) at INR 350 per share, totaling up to INR 3,505 crore. After the preferential issue and secondary purchase, the acquirer's stake will rise to 36.81%, and upon full acceptance of the open offer, the combined holding (with PAC) would reach 62.81%. The acquirer does not intend to delist the company. The offer is triggered under SEBI (SAST) Regulations as the acquirer will exceed 25% voting rights and acquire control.
Existing public shareholders have an option to exit at INR 350 per share, representing a significant premium. The Fairfax Group is consolidating control over IIFL Capital Services, which may lead to changes in management composition and business strategy. Minimum public shareholding requirements must be maintained.