Fairfax Financial Holdings, a company led by Prem Watsa, is set to increase its stake in IIFL Capital Services by approximately 10% through a preferential allotment valued at around ₹1,000 crore (roughly $120 million USD). Currently, Fairfax is the second-largest shareholder in IIFL Capital, holding 30.5% through FIH Mauritius Investments, and also owns 15.18% in IIFL Finance. The proposed transaction is expected to trigger an open offer under Indian takeover regulations, which require acquirers to make such offers when their voting rights exceed 25% of the equity. Fairfax's decision comes after three months of due diligence, reflecting a strong belief in IIFL's business prospects. The company, based in Mumbai, is transitioning to a full-service wealth manager in 2024, having rebranded from IIFL Securities. Promoters Nirmal Jain and Madhu Jain hold 30.98% of IIFL Capital, with the Abu Dhabi Investment Authority also being a significant investor.