Billionaire Prem Watsa Feeds OMERS’ Thirst for Indian Exposure
The Ontario Municipal Employees’ Retirement System (OMERS) finalized its participation in a private placement on January 13, 2017 to purchase 17,021,500 subordinate voting shares of Fairfax India Holdings Corporation, which is controlled by Toronto-based Fairfax Financial Holdings Limited, at a price of US$ 11.75 per share for total consideration of US$ 200,002,625. Before the placement deal, OMERS owned 3,342,014 shares of Fairfax India Holdings or 4.46% of the share class of Fairfax India Holdings. Post-transaction, OMERS owns 20,363,514 shares of Fairfax India Holdings, representing 17.34% of the share class of Fairfax India Holdings. Fairfax India Holdings needs more capital to fire its engines. The entity had agreed to purchase a 51% ownership stake in Indian logistics company Saurashtra Freight.
In addition, Fairfax Financial Holdings Limited, at the same time, participated in the private placement of Fairfax India Holdings, kicking in around US$ 350 million. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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