Mumbai, May 7 -- The company said Fairfax India Holdings Corporation will increase its stake in IIFL Capital through a combination of preferential allotment, open offer and arrangements with existing promoters.

The preferential allotment will be priced at Rs 350 per share. Following completion of the transaction, Fairfax India and its affiliate, HWIC Asia Fund Class A, will hold a minimum 51% stake in the company and join the promoter group alongside Nirmal Jain and R. Venkataraman.

Fairfax India, through FIH Mauritius Investments and its affiliate, currently holds around 30.5% in IIFL Capital. Subject to shareholder and regulatory approvals, FIH Mauritius will also gain the right to nominate two directors to the company's board.

The p...