WATSA
Fairfax sells 9.72% in CSB Bank for Rs 595 crore
Prem Watsa's Fairfax Group divests 9.72% stake in CSB Bank, raising Rs 595 crore through block deals. Key buyers include Amansa Holding and institutional investors like ICICI Prudential MF and Abu Dhabi Investment Authority, reducing Fairfax's stake to 40% from 49.72%
Fairfax Group likely to sell 9.72% in CSB Bank
According to the term sheet issued by the banker IIFL, FIH Mauritius Investments, an entity belonging to Fairfax Group is expected to sell 1.68 crore shares in the Kerala-based bank at a floor price of ₹352.4 per share. The floor price represents a 1% discount to Wednesday's closing price of ₹355.95.
Prem Watsa donates $5 million to IIT-M’s brain research centre
Sudha Gopalakrishnan Brain Centre at IIT-M has developed a high-throughput histology pipeline that processes whole human brains into high-resolution digital images at a petabyte scale.
IIFL Finance to get $200 million from Watsa's Fairfax post RBI curbs
On Monday, the Reserve Bank of India placed restrictions on the company, claiming deviations in lending processes. Since the ban, shares of IIFL Finance have fallen 36% to close at Rs 382.80 on the BSE Wednesday.
Prem Watsa clears air over charges by Muddy Waters, flaunts good show
Prem Watsa, the Indian-Canadian billionaire, staunchly defends Fairfax Financial Holdings against accusations from Muddy Waters, asserting its investor returns over 38 years. Despite likening Fairfax to Berkshire Hathaway, Watsa rejects comparisons, emphasizing the firm's unique achievements. Amidst allegations of accounting misconduct, Fairfax's Indian investments totaling $7 billion face scrutiny, impacting listed subsidiaries like Thomas Cook and CSB Bank, while Fairfax prepares to address concerns in an upcoming conference.
Less than 20 companies in US have our kind of track record, says Prem Watsa of Fairfax Financial
Muddy Waters has alleged that Fairfax was “The GE of Canada” and not the Berkshire Hathaway that it was touted to be in a report on 8 february that sent Fairfax’s shares tumbling 12% . Its shares had pared half the losses in early trading in Toronto on 12 February. Muddy Waters reference to GE has to do with the company settling $200 million in penalties from US stock market regulator in 2020 for alleged accounting violations.
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US Short-seller alleges accounting fraud by Fairfax
Fairfax Financial Holdings, led by Indian-Canadian entrepreneur Prem Watsa, came under attack by US hedge fund Muddy Waters, triggering a sharp decline of 12% in its shares on Thursday. Muddy Waters alleged misconduct by the Toronto Stock Exchange-listed company, leading to investor concerns. However, the stock rebounded slightly on Friday following a research note from the National Bank of Canada that played down the accusations.
India's big advantage is that two-thirds of the economy is consumer-oriented, says Fairfax boss Prem Watsa
Fairfax has invested $7 billion in India, he said. "In next five years, we are looking at doubling that. We got a few projects already that we're working on," Watsa said. However, for India to remain an attractive investment destination, continuity will be key, he said.
"Indians can dream now, the potential is enormous" – Prem Watsa, Chairman, Fairfax Financial Holdings
"India has got one big advantage - two-thirds of the economy is consumer-oriented," Fairfax Financial Holdings chairman Watsa told ET. "Nations like China have taken a long time to get that."
IDBI sale: Fairfax sought waiver on security check
The company had said if it were to participate in the bid process, the final composition of the bidding consortium would be different, and that a security clearance on the existing firm would not remain relevant, the sources said.
Fairfax stake in Bengaluru Airport not for sale: Prem Watsa
"Fairfax's stake in Bangalore airport is not for sale," said Watsa, chairman of the $90-bn Toronto-headquartered Fairfax Financial Holdings. "News reports claiming we are selling the airport are wrong."
Digit Insurance files for Rs 5,000 crore IPO; Tiger slashes portfolio to the bone
Digit's IPO plans come at a time when tech stocks have dipped owing to worsening macroeconomic conditions.
Fairfax Financial to double investment in India over 4-5 years
Business-friendly environment makes India one of the favourite destinations for foreign investment, Watsa said speaking virtually at India@75 session. The chairman of the Financial Holdings said his company has so far invested USD 7 billion in India and it plans to double that investment in 4-5 years.
I'm not worried about protectionism: Prem Watsa, Chairman, Fairfax Financial Holdings
He believes the welfare programs of the present government and their scale and reach have improved opportunities for the average Indian. He argues that there has also been a positive shift in attitudes towards business and wealth creators.
Watsa plans to invest $7 billion more
"We are just thinking how we can mobilise support for India in terms of investing a lot more by raising a lot more money. Not through Fairfax India as Fairfax India's stock is undervalued but we are looking at different ways of raising money," Watsa said.
Jasleen Kohli appointed as new MD and CEO of Prem Watsa-backed Digit Insurance
Kohli will succeed Vijay Kumar, who has held the post since 2017, and will now retire from the company.
Govt should sell all its stake in PSU banks, insurers, says Prem Watsa
Hyderabad-born Watsa is the founder and chairman of the $53-billion Toronto-based investment giant Fairfax Financial Holdings. He was responding to questions about the government's plan for the privatisation of IDBI Bank and two other lenders and also one insurance company, during an exclusive interaction with ET.
PE biggies, Kotak Bank sounded out for IIFL Wealth stake sale
Canadian billionaire Prem Watsa's Fairfax Holdings and General Atlantic (GA) are looking to sell around 34.6 % stake that they hold together in IIFL Wealth. This would be second domestic sale of such independent wealth manager in 1 year after Blackstone acquired 74% in ASK Group for $1 billion, last August.
Watsa’s Fairfax keen to hold on to stake in CSB
Promoters of CSB Bank, the Fairfax Group owned by Canadian billionaire Prem Watsa, would like to hold onto their 51% stake in the bank for as long as possible and increase it if allowed, the bank’s CEO said. The RBI last month relaxed shareholding norms for private banks by doing away with intermediate milestones and increasing the maximum long-term shareholding to 26% from 15%. “Originally, the stipulation was that promoters cannot dilute below 51% for the first five years.
NSE-BSE bulk deals: Hamlin Watsa sell shares in IIFL Finance
In another transaction, Axis Bank sold 603,402 shares of MT Educare at Rs. 7.6 apiece through a bulk deal on the NSE.
NSE-BSE bulk deals: Smallcap World Fund buys stake in IIFL Finance
Hamblin Watsa Investment Counsel sold 12.2 million shares of IIFL Finance at Rs 300 per share through a bulk deal on the BSE.
Prem Watsa-backed CSB Bank's profit jumps 14%, but gold loan NPAs spike
Net profit increase to Rs 61 crore in the quarter ended June 2021 from Rs 54 crore a year earlier. Loans grew 23% leading to a 45% growth in net interest income (NII) to Rs 268 crore.
Digit Insurance raises new funds from Sequoia, others at $3.5 billion valuation
The Digit Insurance funding comes at a time when rival insurtech startup Acko is said to be in advanced talks to raise $200 million to become a unicorn, thus underscoring the heightened investor interest in India’s insurtech space.
CSB Bank tightens gold loan policy after NPAs
The 100-year-old CSB Bank, which is majority-owned by Canadian billionaire Prem Watsa’s Fairfax group, had announced plans to transform itself into a new-age bank. After a clean-up of loan books and infusion of capital, the bank decided to focus on gold loans until the transformation is in place. Last year, its gold loan business rose 60% with the share of such loans rising to 40%.
CSB Bank strengthens senior leadership, aims for 30% growth
While continuing to bank on gold loans as primary growth driver, the bank is set to target opportunities in the SME, two wheeler and secured loan segments.
Digit Insurance aims at auto issue of policies
Digit Insurance is already settling 73% of its motor insurance claims through automation with software reading the invoice, driver’s licence and RC book in addition to doing damage assessment through photographs and videos.
Prem Watsa-backed Digit becomes first Indian startup unicorn of 2021
The general insurer’s latest Rs 135-crore funding round, led by existing private equity investors A91 Partners, Faering Capital and TVS Capital, has valued the company at $1.9 billion.
Stocks in the news: SBI, YES Bank, Bharti Airtel, Vodafone Idea and Ruchi Soya
Patanjali Group firm Ruchi Soya reported 13 per cent decline in its net profit to Rs 12.25 crore for the first quarter ended June 30.
Will consider inorganic opportunities once Covid is behind us: CSB Bank CEO
“It is an expression of interest, we have said that we are open to inorganic growth but now with the pandemic the situation has become quite fluid and we don’t understand the balance sheets now. Let the Covid problem be over then we will know the revalue of these banks,” said CV Rajendran, MD, CSB Bank.
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