Fairfax Group Sells Major Stake in CSB Bank for Rs 595 Crore

Canadian billionaire Prem Watsa's Fairfax Group divested a 9.7% stake in CSB Bank for Rs 595 crore through an open market transaction. The sale saw over 1.68 crore shares offloaded on the NSE, reducing Fairfax's stake from 49.72% to 40%. Several mutual funds and investment firms bought the shares.

In a significant financial maneuver, Canadian billionaire Prem Watsa's Fairfax Group divested a substantial 9.7 per cent stake in CSB Bank, equating to Rs 595 crore, through an open market transaction on Thursday. The transaction saw FIH Mauritius Investments, a key arm of the Toronto-based Fairfax Group, offloading over 1.68 crore shares in a block deal on the National Stock Exchange (NSE).

As the official promoter of the Thrissur-based CSB Bank, FIH Mauritius Investments' sale of 1,68,68,645 shares, priced at an average of Rs 352.75 each, not only amounted to a sizable monetary exchange but also adjusted their ownership stake from 49.72 per cent to 40 per cent.

The shares were snapped up by an array of buyers, including DSP Mutual Fund (MF), ICICI Prudential MF, and Abu Dhabi Investment Authority, among others. Consequently, CSB Bank's stock witnessed a 2.57 per cent rise, closing at Rs 365.10 on the NSE. Notably, in January, CSB Bank reported a 4 per cent decline in Q3 profit amidst an increase in total income.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)