IIFL Finance on Wednesday said that stakeholder Fairfax India Holdings Corporation has agreed to give it liquidity support of $200 million after the Reserve Bank of India (RBI) barred the non-banking financial company from giving gold loans.
Fairfax India has a 15.1 per cent stake in IIFL Finance. "The RBI's embargo has raised liquidity concerns amongst the company's investors and lenders. In response to these concerns, Fairfax India has agreed to invest up to $200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any)," said IIFL Finance in a statement.
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