In line with its earlier commitment, Canadian billionaire Prem Watsa-owned Fairfax India Holdings Corporation has invested $60.2 million (approximately ₹440 crore) in securities of Catholic Syrian Bank, comprising 19.8 million common shares for $9.5 million (approximately ₹70 crore) and warrants to purchase 66.5 million common shares for $50.7 million (approximately ₹370 crore.
The consideration paid thus far represented 25% and 40% of the consideration payable for the common shares and warrants, respectively. Fairfax made the investment on October 19. “The balance of the consideration payable to CSB of approximately $104 million at the exchange rate at that date (approximately ₹770 crore) is payable within 18 months following the initial investment, payable in one or more tranches either upon request by CSB or at the option of Fairfax India,” Fairfax said.
Upon payment of the remaining consideration, Fairfax India would have invested approximately $165 million (approximately ₹1,210 crore) and would own a 51% equity interest in CSB on a fully diluted basis.