Edelweiss Financial Services rose 2.47% to Rs 85 after the company said Kora Master Fund LP has received regulatory approval to invest in Edelweiss Securities.
The Competition Commission of India (CCI) has approved Kora Master Fund LP investment of up to 10% ($75 million) in Edelweiss Securities.The notification relates to a proposed investment by Kora in Edelweiss Securities (ESL) and Edelweiss Global Investment Advisory Business (EGIA) subsidiaries of up to rupee equivalent to $75 million, as set out in the share subscription agreement.
Kora is a foreign portfolio investor (FPI) registered with the Securities Exchange Board of India (Sebi). Its principal activity is that of investment holding and related activities.
The target entities belong to the Edelweiss Group, with Edelweiss Financial Services (EFSL) as the ultimate holding company, are broadly engaged in the Edelweiss Global Investment Advisory Business.
Shares of Edelweiss Financial Services have surged 19.13% in to its current market price of Rs 85 in four trading sessions, from a recent closing low of Rs 71.35 on 11 October 2019.
Meanwhile, the S&P BSE Sensex was up 82 points or 0.21% to 38680.79.
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On the BSE, 1.94 lakh shares were traded in the counter so far compared with average daily volumes of 5.68 lakh shares in the past two weeks. The stock hit a high of Rs 85.75 and a low of Rs 83 so far during the day.
The stock hit a 52-week high of Rs 210.3 on 04 Jun 2019. The stock hit a 52-week low of Rs 67.1 on 11 Oct 2019.
Edelweiss Financial Services' consolidated net profit fell 50.1% to Rs 132.02 crore on a 2.6% increase in total income to Rs 2,545.93 crore in Q1 June 2019 compared with Q1 June 2018.
Edelweiss Financial Services is engaged in providing investment banking and advisory services, and holding activities/investments. The firm's segments include agency business, capital based business and life insurance.
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