Edelweiss Financial up 3% as PAG picks 51% stake in Edelweiss Wealth

The deal values EWM at around Rs 4,300 crore and "unlocks value" for shareholders, the company said

Shares of Edelweiss Financial Services rose as much as 3.16 per cent to Rs 86.50 on the BSE on Friday after Hong-Kong based private equity group PAG picked up 51 per cent stake in Edelweiss Wealth Management (EWM) for Rs 2,200 crore.

The Edelweiss Group runs corporate and retail credit, wealth management, asset management and life and general insurance businesses. EWM houses the capital markets and wealth management services businesses of the group. The transaction is part of its planned demerger and subsequent listing of the business. The group also houses Edelweiss Asset Management, but it is not part of the divestment.

The deal