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PAG Invests Rs 2,366 Cr In Edelweiss Wealth Management To Acquire Controlling Stake
Edelweiss Wealth Management (EWM) had reported revenues of Rs 800 crore and profit after tax of Rs 180 crore for the nine-month period ended December 31, 2020.
Photo Credit : locatory.com
Investment firm PAG has invested Rs 2,366 crore in Edelweiss Wealth Management to acquire controlling stake in the company, as per a regulatory filing.
Edelweiss Wealth Management (EWM) had reported revenues of Rs 800 crore and profit after tax of Rs 180 crore for the nine-month period ended December 31, 2020.
'PAG has made an investment of approximately Rs 2,366 crore in EWM, including primary and and secondary investment,' Edelweiss Group said in the filing.
It said the primary capital infusion in the EWM business from PAG will further strengthen the equity base of EWM and ensure availability of growth capital.
'Pursuant to these transactions, PAG Group and EFSL will be the shareholders in EWM, of which PAG will hold a controlling stake,' the filing said.
Edelweiss and PAG will continue to work together towards value unlocking through demerger and listing of EWM business, it added.
(PTI)