Edelweiss Financial Services gained 3.45% to Rs 84 after the NBFC announced completion of a strategic investment by PAG in the Edelweiss Wealth Management (EWM) consequent to receipt of all regulatory approvals and closure of all formalities.
PAG has made an investment of Rs 2,366 crore in Edelweiss Wealth Management (EWM), including primary and secondary investment. Pursuant to transaction, PAG Group and Edelweiss Financial Services will be the shareholders in EWM, of which PAG will hold a controlling stake. PAG is one of the world's largest Asia-focused private investment firms.
The primary capital infusion in the EWM business from PAG will further strengthen the equity base of EWM and ensure availability of growth capital. Edelweiss further said that it will continue to work together with PAG towards value unlocking through demerger and listing of EWM business.
EWM reported revenues of Rs 880 crore and profit after tax of Rs 180 crores for the nine-month period ended 31 December 2020.
Meanwhile, the company informed that the Board of Directors will meet on Thursday, 25 March 2021, to consider, the declaration of interim dividend.
The Edelweiss Group is one of India's leading diversified financial services companies, providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals. Its businesses include Corporate Credit, Retail Credit, Wealth Management, Asset Management, Life Insurance and General Insurance.
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