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Report: Fairfax Financial seeks to raise US$500M to fund India deals

Canada'sFairfax Financial HoldingsLtd. is seeking to raise US$500 million to fund potentialacquisitions in India, including a stake in Catholic Syrian Bank Ltd., Business Standard reported Sept. 29,citing "bankers close to the development."

FairfaxFinancial is in talks to buy a 10% stake in Catholic Syrian Bank, which needs 5billion Indian rupees of fresh capital to fund its growth plans. Previously inJune, The Economic Times reportedthat the Canadian firm submitted a proposal to the Indian central bank for thepossible stake purchase.

Bank of NovaScotia will act as Fairfax Financial's lead manager for raising capital in theoverseas markets.

As of Sept. 28, US$1 was equivalent to66.49 Indian rupees.