Firm Matters

Khaitan & Co advised IIFL Capital Services Ltd in relation to acquisition by FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation (“Fairfax India”), of an additional equity interest in IIFL Capital Services Ltd through a combination of (i) a preferential allotment of equity shares aggregating to approximately INR 2,000 crores at INR 350 per share, representing approximately 10% of the expanded share capital of the Company, (ii) a mandatory open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for up to 26% of the expanded voting share capital of the Company, and (iii) arrangements with the existing promoters, pursuant to which FIH Mauritius Investments Ltd and its affiliate, HWIC Asia Fund Class A, are proposed to increase their shareholding from approximately 30.5% to a minimum of 51% and join the promoter group alongside Mr. Nirmal Jain and Mr. R. Venkataraman upon completion of the transaction. The consummation of the transaction is subject to satisfaction of the conditions precedent set out in the transaction documents and receipt of necessary regulatory approvals.