IIFL Holdings shares vaults 20% to a 1-year high after Fairfax India open offer

Shares of IIFL Holdings, an NBFC company promoted by Nirmal Jain, vaulted 20 percent to a 52-week high of Rs 226 a share, as FIH Mauritius Investments, a fully-owned subsidiary of Fairfax India Holdings, will be making an open offer to acquire 26 percent equity stake in the company.In a release issued to the BSE, the brokerage-cum-financial services firm said FIH Mauritius Investments is making an open offer to acquire over 8.31 crore shares at a price of Rs 195 a share, a small premium of 3.7 percent over Monday's closing price of Rs 188 a share.

The open offer, which is in accordance with Sebi regulations, will fetch IIFL Holdings over Rs 1,621 crore, the BSE release said.At 9.40am, IIFL shares were quoted at Rs 212.85, up 13.2 percent over previous close. Over 3 lakh shares changed hands on BSE.The company's fortunes which to a major extent depend on the stock market performance saw its share gain a paltry 5 percent in the past one month, much similar to the mood prevalent in the broad market sentiment.