The Globe and Mail reports in its Thursday, Nov. 12, edition that Fairfax Financial Holdings plans to sell its nearly 11-per-cent stake in Indian non-bank lender IIFL Finance. A Reuters dispatch to The Globe reports that Fairfax aims to raise funds for its $8-billion (Canadian) acquisition of a 60-per-cent stake in IDBI Bank from the Indian government and the country's largest insurer, marking one of India's largest cross-border banking deals. To fund part of the deal, Fairfax is looking to complete the IIFL Finance exit "soon," one source said. At the current market price, Fairfax's stake in IIFL Finance will be worth roughly 30-billion rupees or $320-million (U.S.). Another source said Fairfax will likely sell its stake in the secondary markets. He added that the controlling shareholders of the non-bank lender is not interested in buying the stake. Fairfax bought a nearly 22-per-cent interest in IIFL Finance in 2015, but the stake has since been diluted to 11 per cent following an expansion of the non-bank lender's capital base. On Tuesday, IIFL Finance said that it would expand its capital base, with United States investment fund Blackstone purchasing 16 per cent of equity via convertible shares and warrants.