Fairfax India Holdings Corp, a vehicle launched in 2014 to make private equity and other investments in India, has proposed to acquire 51 percent of the share capital of the Catholic Syrian Bank Ltd, a Thrissur, India-based full-service bank with some 430 branches. Fairfax agreed to pay INR 140 per share for the stake, or about US$186 million in total according to Reuters. Fairfax India is an affiliate of Fairfax Financial Holdings Ltd, a Toronto-based holding company.
Fairfax India Announces Proposed Investment in the Catholic Syrian Bank Ltd.
TORONTO, Feb. 17, 2018 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India”) (TSX:FIH.U) is pleased to announce that it has formally indicated its non-binding interest in investing in 51% of the share capital of The Catholic Syrian Bank Ltd. (“CSBL”) for a purchase price of Rs 140 per share.
The investment is subject to customary closing conditions, including the finalization of commercial terms (including structuring aspects); completion of required legal documentation; and receipt of all applicable board, shareholder and regulatory approvals, including approval of the Reserve Bank of India and the Competition Commission of India.
The Catholic Syrian Bank Ltd., established in 1920, is a full-service bank offering Neighborhood Banking, Non-Resident Indian Services, Small-to-Medium-Enterprise and Wholesale banking services through 430 branches and 240 ATMs across India. The bank is headquartered in Thrissur, 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
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