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(Note: All dollar amounts in this news release are expressed in U.S. dollars, except as otherwise noted).
TORONTO, Feb. 17, 2018 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (“Fairfax India”) (TSX:FIH.U) is pleased to announce that it has formally indicated its non-binding interest in investing in 51% of the share capital of The Catholic Syrian Bank Ltd. (“CSBL”) for a purchase price of Rs 140 per share.
The investment is subject to customary closing conditions, including the finalization of commercial terms (including structuring aspects); completion of required legal documentation; and receipt of all applicable board, shareholder and regulatory approvals, including approval of the Reserve Bank of India and the Competition Commission of India.
The Catholic Syrian Bank Ltd., established in 1920, is a full-service bank offering Neighborhood Banking, Non-Resident Indian Services, Small-to-Medium-Enterprise and Wholesale banking services through 430 branches and 240 ATMs across India. The bank is headquartered in Thrissur, India.
Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
For further information, contact:
John Varnell, Vice President, Corporate Affairs
Fairfax India Holdings Corporation
Toronto, Ontario, CANADA
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