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TORONTO, June 15, 2021 (GLOBE NEWSWIRE) Fairfax India Holdings Corporation (“Fairfax India” or the “Company”) (TSX: FIH.U) announces that its Board of Directors has authorized, and the Company has formally commenced, a substantial issuer bid (the “Offer”), pursuant to which the Company will offer to repurchase for cancellation up to US$105 million of its subordinate voting shares (the “Shares”) from shareholders for cash.
“The Offer will allow us to return capital to our shareholders at what we view as an attractive price given our belief that the Company’s recent trading price does not fully reflect the value of our business and future prospects,” said Prem Watsa, Chairman of Fairfax India.
MIL-OSI: Fairfax India Announces US$105 Million Substantial Issuer Bid
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Fairfax India Announces US$105 Million Substantial Issuer
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May 12, 2021
A woman taking RT-PCR test at Magadi Road in Bengaluru on Wednesday, May 12, 2021. - Somashekar GRN
A woman taking RT-PCR test at Magadi Road in Bengaluru on Wednesday, May 12, 2021. - Somashekar GRN×
The new facility would be operational from May 18. Fairfax Financial Holdings Group, to bolster the healthcare infrastructure, which has come under pressure due to the second wave of Covid-19 in Bengaluru, has committed $5 million to set up COV-AID@BLR, a 150-bed, oxygenated Covid-19 treatment centre at Bengaluru Airport (BLR Airport).
The facility would be operational on May 18, and the initiative is funded by Fairfax Financial Holdings Limited, through its subsidiary Fairfax India Holdings Corporation. The Canada-based group has committed $5 million (₹37 crore) to provide Covid-19 relief in India.