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Fairfax India to buy 51% stake in Catholic Syrian Bank

Canada-based Fairfax India Holdings Corp. will acquire a 51% stake in India's Catholic Syrian Bank Ltd. at 140 rupees per share.

The deal is subject to all applicable board, shareholder and regulatory approvals, including those of the Reserve Bank of India and the Competition Commission of India.

The proposed investment will allow Catholic Syrian Bank to boost its efforts in reinventing itself "in a substantial manner," the lender said in a Feb. 17 release.

In 2016, Catholic Syrian Bank said a unit of Fairfax Financial Holdings Ltd. will acquire a 51% stake in the bank for 10 billion rupees. However, talks fell apart in 2017 over valuation concerns. The Indian bank was said to be looking for a price of 160 rupees per share.

As of Feb. 16, US$1 was equivalent to 64.34 Indian rupees.