Fairfax-backed IIFL Finance raises Rs.1,271-Cr through rights issue

Publicly listed non-banking financial company (NBFC) IIFL Finance has raised INR 1,271 crore through a rights issue, which saw participation from private equity investor Fairfax India, the largest institutional shareholder in the company (with a 15.11% stake via FIH Mauritius Investments Ltd).Following the Reserve Bank’s March 4 ban on the NBFC - from disbursing gold loans due to supervisory concerns - Fairfax had announced USD 200 million in liquidity support to IIFL Finance.