With investment of Rs 2366 crore
Edelweiss Group (Edelweiss) announces completion of a strategic investment by PAG in Edelweiss Wealth Management consequent to receipt of all regulatory approvals and closure of all formalities.Transaction Highlights:
PAG has made an investment of ~Rs 2,366 crore in EWM, including primary and secondary investment.
Pursuant to these transactions, PAG Group and EFSL will be the shareholders in EWM, of which PAG will hold a controlling stake.
EWM reported Revenues of Rs 880 crore and Profit after Tax of Rs 180 crore for the nine-month period ended 31 December 2020.
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 and PAG will continue to work together towards value unlocking through demerger and listing of EWM business.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU