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The Economic Times
The Economic Times

Fairfax to exit IIFL Finance before likely IDBI Bank deal; Blackstone emerges as suitor

Fairfax IDBI Bank IIFL Finance IDBI Bank Ltd India

Blackstone Inc. is among global investment firms in the fray to buy a stake in mid-sized Indian shadow lender IIFL Finance Ltd., just as Fairfax Financial Holdings Ltd. looks to exit from the company, according to people familiar with the matter.

Fairfax, founded by Indian-born Canadian billionaire Prem Watsa, is weighing selling its entire holding in IIFL Finance to comply with regulatory guidelines as it inches towards acquiring IDBI Bank Ltd., said the people asking not to be named discussing private matters. The plans for IIFL Finance are preliminary and could be subject to change, they added.

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