Mumbai: Prem Watsa-helmed Fairfax Financial Holdings Ltd’s proposed deal to pick up a 51% stake in Catholic Syrian Bank has fallen through over differences in valuation, according to five people aware of the matter. Spokespersons for Fairfax and Catholic Syrian Bank did not immediately respond to emails seeking comment. Catholic Syrian Bank has informed Reserve Bank of India (RBI) about the latest development and is in the process of appointing a merchant banker to find investors, said two others. Catholic Syrian Bank believes that with the revival of markets and the bank’s performance following the appointment of new managing director C.V.R. Catholic Syrian Bank planned to raise up to Rs400 crore through an initial public offering in 2015, but didn’t because of volatile market conditions.

Source: Mint June 29, 2017 23:15 UTC