Bain Capital will acquire a 24.98 per cent equity stake in IIFL Wealth Management from General Atlantic Singapore and FIH Mauritius, owned by Indian-Canadian billionaire Prem Watsa’s company Fairfax.

Bain Capital will acquire 22.15 million shares at Rs1,666 apiece for nearly Rs 3,700 crore. Shares of IIFL Wealth closed at Rs 1,666.5.

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The transaction won’t trigger an open offer as it is just below the 25 per cent threshold. Bain Capital has said the transaction is subject to regulatory and other customary approvals.

General Atlantic bought the stake in October 2015 for Rs 1,122 crore. IIFL Wealth was listed in September 2019 after demerging from parent IIFL Finance. As of December 2021, General Atlantic Singapore held 21 per cent, and FIH Mauritius (Fairfax) had a 13.64 per cent stake in IIFL Wealth

“The company is well poised to benefit from secular tailwinds of wealth creation in the economy, greater financialisation, and increasing penetration of formal wealth management. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey,” said Pawan Singh, Managing Director at Bain Capital.