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Fairfax India to raise US$500M for additional acquisitions

Fairfax Financial Holdings Ltd.'s Indian unit is seeking to raise US$500 million via share sales to finance additional acquisitions in India.

In a Dec. 14 statement, Fairfax India Holdings Corp. said it plans to raise US$150 million by selling 12,766,000 subordinate voting shares to a syndicate of underwriters co-led by RBC Capital Markets, Scotiabank and TD Securities Inc. in a public offering.

In addition, the company is selling 12,766,000 subordinate voting shares to Fairfax Financial and 17,021,500 subordinate voting shares to Ontario Municipal Employees Retirement System via a private placement to raise US$350 million.

The shares will be offered at US$11.75 apiece. The offerings are expected to close on or about Jan. 13, 2017, subject to regulatory approvals.

The company granted the underwriters of the public offering an overallotment option to purchase up to an additional 15% of the shares offered.

The company said it will use the offerings' proceeds to acquire additional Indian investments and for general corporate purposes.

The announcement came after Fairfax India recently agreed to acquire a 51% stake in India's Catholic Syrian Bank Ltd. for 10 billion Indian rupees.

As of Dec. 14, US$1 was equivalent to 67.48 Indian rupees.