Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million
Summary
Canadian billionaire Prem Watsas Fairfax group on Thursday divested a 9.7 per cent stake in CSB Bank through its arm FIH Mauritius Investments. FIH Mauritius Investments offloaded over 16.8 million shares of CSB Bank through a block deal on the National Stock Exchange (NSE). Click here to connect with us on WhatsApp FIH Mauritius Investments is also the promoter of Thrissur-based CSB Bank. After the share sale, shareholding of FIH Mauritius Investments in CSB Bank has declined to 40 per cent from 49.72 per cent.DSP Mutual Fund (MF), ICICI Prudential MF, WhiteOak Capital MF, Edelweiss Tokio Life Insurance Company, Goldman Sachs, Morgan Stanley, Amansa Holdings, and Abu Dhabi Investment Authority were among the buyers of CSB Banks shares.Shares of CSB Bank rose 2.57 per cent to close at Rs 365.10 apiece on the NSE. In January this year, CSB Bank posted a 4 per cent decline in its profit at Rs 150 crore in the third quarter ended December 2023.The Kerala-based private sector bank had earned a net profit of Rs 156 crore in the same quarter a year ago.