|
Edelweiss Group and PAG, the leading Asia-focused investment group, today announced an investment by PAG's private equity strategy in Edelweiss Wealth Management (EWM).
This partnership will result in unlocking long-term value for shareholders and accelerating business growth.
PAG has made an investment of Rs 2,366 crore in EWM, including primary and secondary investment.
In addition, PAG is also acquiring the entire ownership of the prior investors in EWM, Kora Management (Kora) and Sanaka Capital (Sanaka), taking its stake to ~61.5%.
Edelweiss will continue to hold ~38.5% stake in EWM as earlier envisaged, with the option to increase it further to up to ~44%.
PAG's primary capital infusion into the wealth business will further strengthen the equity base and provide growth capital. PAG and Edelweiss will work together towards demerger and the eventual listing of the business, paving way for unlocking value.
|