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TORONTO, ONTARIO--(Marketwired - Jan. 13, 2017) - Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announced today that it has acquired, through certain of its subsidiaries, on a private placement basis, 12,766,000 subordinate voting shares ("Subordinate Voting Shares") of Fairfax India Holdings Corporation ("Fairfax India"), representing approximately 10.5% of the issued and outstanding Subordinate Voting Shares of Fairfax India (after giving effect to the Subordinate Voting Shares issued today by Fairfax India in connection with its previously-announced bought deal public offering and additional concurrent private placement of Subordinate Voting Shares to a third party). The acquisition by Fairfax of the Subordinate Voting Shares brings Fairfax's total holdings of such securities to 13,562,864 Subordinate Voting Shares (or approximately 11.5% of all outstanding Subordinate Voting Shares). The Subordinate Voting Shares were purchased directly from Fairfax India by way of private placement at a price of US$11.75 (or approximately C$15.43) per Subordinate Voting Share, for an aggregate purchase price of US$150,000,500 (or approximately C$196,950,656). Rates of exchange are based on the C$/US$ close on January 12, 2017 (as reported by the Bank of Canada). |
