MUMBAI: Financial services conglomerate Edelweiss on Tuesday said a private equity investor has concluded its Rs2,366 crore investment in the group’s wealth management business.
PAG has invested Rs2,366 crore in Edelweiss Wealth Management (EWM) including primary and secondary investment. In addition, PAG is also acquiring the entire ownership of the prior investors in EWM – Kora Management and Sanaka Capital – taking its stake to 61.5%. Edelweiss will continue to hold 38.5% stake in EWM with the option to increase to up to 44%.
PAG’s primary capital infusion into the wealth business will strengthen the equity base and provide growth capital, a statement said. PAG and Edelweiss will work together towards demerger and the eventual listing of the business, paving way for unlocking value, it added.
“Our focus will continue to be on enhancing the value of the franchise while simultaneously exploring avenues to unlock this value for the shareholders,” said Rashesh Shah, chairman and CEO of Edelweiss Group.
“EWM is one of India’s leading wealth management companies with products and services that are highly regarded by customers. We look forward to leveraging PAG’s global experience to drive innovation and transformation to further strengthen EWM’s market position and create long-term value for all stakeholders,” said Nikhil Srivastava, partner and managing director, Head of India Private Equity.
News Source:- Livemint