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Last Updated : Sep 03, 2020 01:23 PM IST | Source: Moneycontrol.com

Edelweiss Financial climbs 5% on $350 mil deal with Canada's Ontario Teachers

EAAA has assets under management (AUM) of approximately $3 billion or about Rs 23,400 crore.

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Shares of Edelweiss Financial Services gained 5 percent intraday on September 3 after the company penned a deal where Canada-based Ontario Teachers will invest $350 million in its debt management firm Edelweiss Alternate Asset Advisors (EAAA).

"Despite the global economic uncertainty amidst the current pandemic, this commitment from Ontario Teachers' is a strong endorsement of the Indian alternative asset management space as well as the robust and unique private debt platform built by EAAA," the financial services conglomerate said in its statement.

On September 2, Edelweiss Group announced that Ontario Teachers' Pension Plan Board, Canada's largest single-profession pension plan, has signed an agreement for an investment of $350 million (around Rs 2,600 crore) with Edelweiss Alternate Asset Advisors (EAAA), the largest private debt manager in India.


EAAA has assets under management (AUM) of approximately $3 billion or about Rs 23,400 crore.

"The agreement represents a long-term partnership between Ontario Teachers' and Edelweiss Group that will focus on performing and distressed private credit investment opportunities in the Indian market," the company said.

"This partnership comes at a time when there is a thrust towards empowering and enabling India to become a global manufacturing hub as vocalised by the Government’s ‘Atmanirbhar – self-reliance’ vision. The need for long-term patient capital in India presents a huge opportunity for private debt managers," Rashesh Shah, Chairman and CEO at Edelweiss Group said.

The stock was trading at Rs 79.30, up 2.45 percent on the BSE at 12:33 hours IST.
First Published on Sep 3, 2020 01:23 pm