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I think Fairfax will take FIH private. If they took their performance fee in shares, FIH would have to issue those shares increasing the float. FFH took cash to buy shares in the open market and reduce the available share count...I suspect they will continue to take cash going forward. At some point, they will offer to take FIH completely private. FFH is generally happier when they own the whole pizza, rather than a few slices. In the meantime, they will bring in outside investors including some of their friends to fund the purchase of IDBI. Let's see where this $1B goes that they just raised. I suspect they will inject it into FIH, increasing their percent ownership dramatically! Fairfax will be one of the largest foreign institutional investors in India in 20 years...outside of nation-state owned entities. Full disclosure: I own zero FIH. I just let FFH handle the investments in India. I don't have the time, expertise or access they do to know the Indian market nearly as well as they do. Cheers!