Blackstone Inc is already reported to be in the fray to buy the stake from Fairfax, which is looking to exit from IIFL Finance as part of a plan to acquire IDBI Bank.

Fairfax, set up by Indian-born Canadian billionaire Prem Watsa, currently holds a 13.7% stake in non-banking financial company IIFL Finance through wholly owned subsidiary FIH Mauritius Investments.

People in the know said Fairfax would need to offload IIFL Finance shares to comply with regulations in sync with its potential acquisition of 60.7% stake in IDBI Bank. The sale would also partly fund the IDBI Bank buyout.

IIFL Finance shares gained 0.32% to close at 607.15 apiece on the BSE on Thursday, taking its market capitalisation to ₹25,760 crore. At this price, Fairfax’s IIFL holding would be worth about ₹3,500 crore.

Fairfax Financial Holdings and Advent International Corp did not respond to ET’s emailed queries till press time, while a Temasek Holdings spokesperson said, “We decline to comment on market speculation.”

An IIFL Finance spokesperson said, “The queries relate to Fairfax’s shareholding and any discussion it may or may not be having with third parties. IIFL Finance cannot comment on behalf of Fairfax or confirm market speculation. The company will make all disclosures required under applicable law.” Fairfax held 15.2% in IIFL Finance at the end of June while it offloaded 1.5% to Capital Group entities for ₹374 crore in July, reducing its holding to 13.7%. Among its major interests in India’s banking and financial services space, CSB Bank holds a key position where the Canadian investor has 40% ownership. Fairfax may be looking to merge CSB Bank with IDBI Bank after the proposed acquisition.

Meanwhile, Fairfax, with a 30.5% holding in IIFL Capital, a wealth management and investment banking unit, agreed to raise the stake to 51%. If it acquires IDBI Bank, IIFL Capital is also likely to be merged with the bank, said the people cited earlier.

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The transaction comes as promoter Anand Kamalnayan Pandit sold 97.70 lakh shares, or 2 per cent of the company’s issued and paid-up equity share capital, to comply with the Securities and Exchange Board of India’s minimum public shareholding requirements.

The Mumbai-based real estate developer’s shares listed on the BSE closed at Rs 207 apiece on Thursday, valuing the company at Rs 10,116.58 crore. Pandit’s share sale reduced promoter and promoter-group holding from 81.87 per cent to 79.87 per cent.

Earlier, Sri Lotus Developers, which focuses on luxury residential redevelopment in Mumbai, reported pre-sales of Rs 408 crore in the first quarter of 2026-27 (Q1FY27), up 567 per cent from a year earlier. Profit after tax rose 71 per cent to Rs 44 crore.

Sri Lotus had around Rs 623 crore in net cash and no net debt at the end of the quarter. The company’s estimated earnings before interest, taxes, depreciation and amortisation (Ebitda) margin was 36 per cent, while return on equity stood at 26 per cent.

The company has a pipeline of 20 projects with an aggregate gross development value of around Rs 20,000 crore, with projects across Mumbai markets including Juhu, Versova, Carter Road, Bandstand and Prabhadevi. It has projected an 82 per cent compound annual growth rate (CAGR) in revenue and a 73 per cent CAGR in profit after tax between FY26 and FY29.

The company is banking on the redevelopment opportunity across the Mumbai metropolitan region (MMR). Mumbai has an estimated 13,500 buildings awaiting redevelopment, with less than 7 per cent of the potential opportunity addressed, according to the company.

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Pursuant to an Assignment Agreement dated 22 April 2026, which became effective on 21 May 2026, EHL acquired from Maharlika Investment Corporation (MIC) all of MIC’s rights, title, and interests under the Omnibus Loan and Security Agreement dated 16 May 2025 by and among MIC, MMCI, Sodor, Inc. (Sodor), Celsius Resources (CLA), and Makilala Holding (MHL), together with all underlying securities.

The Auction was conducted as part of EHL’s enforcement of its security rights under the OLSA following the occurrence of Events of Default upon giving periodically notices of event of default to the relevant parties in accordance with the OLSA. With the Events of Default continuing and the secured obligations outstanding, due and unpaid, the foreclosure culminated in the Auction, at which EHL was declared the successful bidder.

Following the Auction, a Deed of Absolute Sale was executed on 8 September 2026 between MHL, as seller, acting through EHL as its duly appointed attorney-in-fact pursuant to Part E of the OLSA, and EHL, as buyer. Under the Deed of Absolute Sale, MHL absolutely and irrevocably sold, transferred, conveyed and assigned to EHL the Auction Shares and all of MHL’s rights, title and interests therein for a consideration of USD 5,010,000.00 (US Dollar Five Million Ten Thousand Dollars).

Makilala Mining Company, Inc.(MMCI) Philippines is developing the Maalinao-Caigutan Biyog copper-gold project (MCB Project), located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga, Philippines.

The acquisition aligns with the Company’s strategy to secure a stable, long-term supply of copper concentrate for the upcoming greenfield copper project being developed by the Company’s step-down subsidiary, Indo Asia Copper. The Company believes the transaction will enhance access to critical raw materials and support its broader participation across the copper value chain.

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Fairfax plans to sell its remaining stake of about 13.7% in IIFL Finance, for which the Canadian investor is in discussions with at least four private-equity investors for the stake, said the people cited above.

Bloomberg had earlier reported that Blackstone Inc is in the fray to buy a stake in IIFL Finance. Fairfax did not respond to queries until the publication of this report, while IIFL Finance declined to comment.

At IIFL Finance’s current market capitalisation of about ₹27,700 crore, Fairfax’s remaining holding could be worth around ₹3,800 crore, or nearly $400 million, before any negotiated premium or discount is offered to potential buyers.

Fairfax held 15.18% in IIFL Finance at the end of June but sold a 1.49% stake to Capital Group entities for ₹374 crore in July, reducing its holding to about 13.69%.

Through the proposed exit, Fairfax plans to simplify its lending interests after acquiring IDBI Bank and avoid overlaps between the businesses. Fairfax is the frontrunner to acquire a combined 60.7% IDBI Bank stake from the Centre and Life Insurance Corp. Sources said Watsa could pay ₹81 per share for the lender, taking the total deal to roughly ₹53,000 crore, or $5.5 billion.

“The deal was effectively sealed after the finance minister’s recent visit to Canada. The remaining procedural steps, including the formal notification and share-purchase agreement, are expected to be completed shortly,” said a person aware of the IDBI Bank divestment. Fairfax also owns 40% of CSB Bank.

Unified Licence

Instead of selling that holding, Fairfax now plans to merge CSB with IDBI Bank after completing the acquisition, the people said. “Fairfax had earlier explored a sale of its CSB Bank stake but did not receive valuations that reflected the capital it had invested in the lender,” a person in the know said. “A merger would allow Fairfax to retain the franchise while operating the two businesses under a single banking licence.”

The Canadian investor is also looking to consolidate IIFL Capital Services with the wider IDBI Bank platform, giving the lender access to businesses spanning wealth management, broking, investment banking and capital markets.

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In a regulatory filing, the company said the transaction involves the acquisition of the trademarks registered in India and certain related intellectual property rights for a total aggregate consideration of Rs 1,250 crore.

The company has executed an asset purchase agreement and trademark assignment deeds with Pfizer Inc USA and Pfizer Products Inc USA, with the signing and closing of the transaction scheduled to occur simultaneously, as per the filing.

The company noted that Minipress XL (containing prazosin) is primarily indicated in India for treating hypertension (high blood pressure) and managing the urinary symptoms of benign prostatic hyperplasia (BPH).

The filing further highlighted that as per IQVIA MAT July 2026 data, Minipress XL recorded revenue of Rs 228.6 crore and has been growing at a compound annual growth rate (CAGR) of 6.3 per cent for the past four years.

In a separate filing, Pfizer Ltd said it will discontinue the marketing, distribution and sale of Minipress XL with effect from Monday. “This is consequent to a decision by Pfizer Inc USA to discontinue the manufacture of Minipress XL,” it said.

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Hemal Mehta (Chairman & Managing Director) and Sachin Mehta (Joint Managing Director), promoters of the company, shall acquire 3,82,685.63 equity shares of Common Stock, par value US$0.0001 per share of MedTherapy Biotechnology Inc., equivalent to 1.50% each of the issued and outstanding share capital of the company.

MedTherapy Biotechnology is Boston based global cancer cell & gene therapy company founded in 2018 by experts from Harvard and former Novartis executives as an end-to-end, integrated CAR-T Cell CDMO, with commercial scale GMP manufacturing facility in New Delhi, India and technology development site at Boston, USA.

MedTherapy Biotech was founded by experts in the cancer field with a mission to make this treatment so affordable and accessible that almost every cancer patient would be able to afford it.

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La Caisse, formerly known as CDPQ, has invested approximately ₹12,100 crore (CAD 1.76 billion), in Altius, which owns and operates more than 258,000 telecom towers and sites across India.

Following the completion of the transaction, Brookfield will remain the largest investor in Altius. The platform’s other shareholders include affiliates of Singapore sovereign wealth fund GIC and British Columbia Investment Management Corporation (BCI).

Altius owns and operates more than 258,000 telecom towers and sites across India, giving it a nationwide presence. The platform provides the infrastructure that enables mobile operators to deliver 4G and 5G services.

India is the world’s second-largest telecommunications market, and continued growth in mobile data use and 5G is increasing the need for digital infrastructure, it added.

“As India’s economy grows and more people and businesses rely on higher use of mobile data, the infrastructure behind those connections needs to keep pace,” said Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse.

The investment adds to La Caisse’s global exposure to telecom towers and digital infrastructure. Jaclot said the investor was backing an established platform in an attractive market alongside Brookfield and other long-term institutional partners.

“With Altius, we are investing in an attractive market through an established platform, alongside Brookfield and other institutional partners with whom we have longstanding relationships,” Jaclot said.

Sam Pollock, CEO of Brookfield’s Infrastructure group, said, “Altius has built a scaled, nationwide platform that is in a leading position to meet India’s demand for mobile connectivity and 5G infrastructure. La Caisse’s investment brings another long-term institutional partner to the platform and reflects confidence in the strength of the business.”

Brookfield said it would continue to support Altius’ expansion through its owner-operator capabilities and long-term approach to infrastructure investing.

The deal comes as global pension funds, sovereign wealth funds and infrastructure investors increasingly target India’s digital infrastructure sector, including telecom towers, data centres and fibre networks. The country’s rising smartphone penetration, growing consumption of digital services and the continued rollout of 5G networks are expected to drive significant investments in the sector.

La Caisse manages investments across infrastructure, private equity, real estate and private credit and had net assets of CAD 552 billion as of June 30, 2026. Brookfield, meanwhile, manages more than $1 trillion in assets globally.

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The proposed Rs 9.60 crore transaction will be executed entirely through a non-cash share swap arrangement, with up to 5,67,492 equity shares of AJC Jewel Manufacturers proposed to be issued at Rs 169.16 per share, subject to shareholder and regulatory approvals. Upon completion, AJC Jewel Manufacturers (FZC) will become a subsidiary of AJC Jewel Manufacturers.

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Temasek has emerged as the sole contender for a $100 million stake in Blue Tokai, as investors step up bets on India’s fast-growing premium café and specialty coffee market.

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Rilo cofounder Dhruv Jaglan announced the acquisition in a LinkedIn post, saying the startup would join Adobe to “help bring AI to Fortune 500 marketers”. Financial details of the transaction were not disclosed.

Rilo was founded in 2025 by IIT batchmates Dhruv Jaglan and Georgi Boby. They built an AI-powered workflow automation platform that allowed users to create and automate sales and marketing tasks using natural language. The platform had attracted more than 10,000 users within months of its launch, according to Jaglan.

Users could describe a task in plain English, and the platform would build a workflow to execute it. Its applications included lead generation, competitor tracking, sales outreach, content distribution and sales-call analysis.

“We’re very excited that Rilo has been acquired by Adobe in such a short span of time. Their workflow builder product was way ahead of the curve and shall be extremely valuable to a giant like Adobe in enhancing customer experience and productivity,” said Rahul Gupta, managing partner at Day Zero Ventures, an investor in Rilo.

Rilo had raised about $1 million from investors including Peak XV Partners, DeVC and Day Zero Ventures, among others. The startup’s backers also included Peak XV investor Ishaan Mittal and other angel investors.

The acquisition comes as Adobe steps up its focus on generative AI and AI agents across its marketing and customer experience products. The company has been integrating AI into tools used by marketers to create content, analyse customer behaviour and automate campaigns. Rilo is Adobe’s second acquisition from India, following its buyout of AI video startup Rephrase.ai in 2023.

Jaglan said the company would help its existing users transition their workflows as part of the change. Rilo’s team, including cofounders Jaglan and Boby, will join Adobe.

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