09:46 AM EST - Fairfax India Holdings Corporation : Announced that its wholly-owned subsidiary, FIH Mauritius Investments Ltd., has entered into an agreement to sell 9.8% of its shareholding in IIFL Wealth Management Limited to Bain Capital for INR14.49 billion (approximately $190.8 million at current exchange rates). As a result of the sale of 9.8% of our shares in IIFL Wealth, the Company expects to record a realized gain of approximately $65 million. The transaction is subject to customary closing conditions and approvals and is expected to close in the third quarter of 2022. Upon completion of the transaction, Fairfax India's share ownership in IIFL Wealth will be approximately 3.8%. Fairfax India Holdings Corporation
shares T.FIH.U are trading down $0.10 at $12.15.
