Fairfax India Sells a 9.7% Equity Interest in CSB Bank
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(Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted.)
TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that its wholly-owned subsidiary, FIH Mauritius Investments Ltd has sold a 9.7% equity interest in CSB Bank Limited (“CSB Bank”) over the stock exchange in India (the “CSB Bank Sale”) for gross proceeds of INR 5.9 billion (approximately $70 million at current exchange rates) in order to comply with the dilution requirements of the Reserve Bank of India (“RBI”), the banking regulator in India. As a result of the CSB Bank Sale, Fairfax India’s share ownership in CSB Bank will be reduced to 40% and Fairfax India will be in compliance with the RBI’s dilution schedule.
About Fairfax India
Fairfax India is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
| For further information, contact: | John Varnell, Vice President, Corporate Affairs (416) 367-4755 |
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