PAG Group invests Rs 2,366 crore in Edelweiss Wealth Management
Pursuant to this investment, PAG Group and Edelweiss Financial Services Ltd will be the shareholders in EWM, of which PAG will hold a controlling stake.
March 22, 2021 / 10:54 PM IST
Edelweiss Group | Representative Image
PAG Group, one of the largest private investment firms in Asia, has invested Rs 2,366 crore in Edelweiss Wealth Management (EWM), stated an official release issued by Edelweiss Group on March 22.
The completion of this strategic investment is "consequent to receipt of all regulatory approvals and closure of all formalities", the statement said.
The amount of Rs 2,366 crore, pumped into EWM by PAG Group, includes primary and secondary investment. "Pursuant to these transactions, PAG Group and EFSL (Edelweiss Financial Services Ltd) will be the shareholders in EWM, of which PAG will hold a controlling stake," it further added.
Notably, EWM reported a revenue of Rs 880 crore in the nine-month period ending on December 31, 2020. In the same period, it also posted a profit of Rs 180 crore after deducting tax.
"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 Group said.
"Edelweiss and PAG will continue to work together towards value unlocking through demerger and listing of EWM business," it stated.