On Monday, Edelweiss Group said that it had increased its stake in its associate company named Edelweiss Wealth Management (EWM) to 44.16 per cent. PAG, a leading Asia-focused investment group, continues to be the majority shareholder in EWM with a 55.84 per cent stake.
- Welspun Corp Bags Rs 2,400 Crore Coated Pipe Orders in the US, Shares Trade Flat
- Zydus Life Gets USFDA Nod for Eluxadoline Tablets, Shares Up 1.5%
- HCC-Tata Projects JV Wins Rs 2,191 Crore Indore Metro Contract, Shares Up 2.5%
- Stocks in Focus: GR Infraprojects, KEC International, Shilpa Medicare, and Others
- Stocks Under F&O Ban: Steel Authority of India, Hindustan Copper, and Others
“As a part of the agreement outlined last year, when PAG acquired a majority stake in the business, Edelweiss had the option to increase its stake by nearly 5 per cent. Exercising that option, the group has now acquired an additional 5.28 per cent stake, taking its stake in EWM from 38.88 per cent to 44.16 per cent,” it said in a release.
EWM services about 750,000 affluent & HNIs and about 2,600 of India’s wealthiest families. It manages Rs 1.8 trillion of customer assets. Edelweiss Wealth Management has reported a strong performance this fiscal, with an 18 per cent growth in revenue and 69 per cent growth in profit after tax on a quarter-on-quarter basis, Edelweiss said.
