Edelweiss Financial share price up 4%; Edelweiss Wealth Management to raise Rs 1,500 crore
Edelweiss Crossover Opportunities Fund plans to raise up to Rs 7,500 crore through a crossover fund series
August 12, 2021 / 11:19 AM IST
Edelweiss Financial Services share price added over 4 percent intraday on August 12 after Edelweiss Wealth Management launched the next series of its pre-initial public offering (IPO) Edelweiss Crossover Opportunities Fund to raise Rs 1,500 crore. This comes after Edelweiss Wealth Management successfully raised more than Rs 3,700 crore in its first three series, Mint has reported.
The fund plans to raise up to Rs 7,500 crore through the crossover fund series, the person added.
Edelweiss Wealth Fund reported net sales at Rs 106.00 crore in June 2021, up 55.68 percent from Rs. 68.09 crore in June 2020 and a quarterly net profit at Rs. 71.61 crore in June 2021, up 155.43 percent from Rs. 129.18 crore in June 2020.
Edelweiss Wealth Fund is backed by PAG Group, one of the largest private investment firms in Asia. 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.
At 1052 hrs Edelweiss Financial Services was quoting at Rs 83.90, up Rs 3.15, or 3.90 percent, on the BSE.
The share touched a 52-week high of Rs 100.80 on July 14, 2021 and a 52-week low of Rs 50 on November 4, 2020. It is trading 16.77 percent below its 52-week high and 67.8 percent above its 52-week low.