Fairfax Financial Holdings Ltd. has received US$114.4 million, or about C$146.9 million, in performance fees from Fairfax India Holdings Corp.
The performance fee was paid in the form of 7,663,685 subordinate voting shares of Fairfax India at about US$14.93 per share. The shares represent 6.1% of the issued and outstanding subordinate voting shares of Fairfax India and bring Fairfax Financial's total stake in Fairfax India to 22,178,422 voting shares, or 17.7% of the outstanding subordinate voting shares.
The size of the fee reflected what the company called Fairfax India's "excellent" performance over a three-year period from January 2015 to December 31, 2017. Fairfax India's book value per share rose from US$10.00 to US$14.46 during that time.
Fairfax India is a unit of Fairfax Financial.
