The third phase of makeover for Edelweiss is shaping up with the group planning to list seven of its businesses and go debt-free, Mint reported on October 22.
The group will also start a new venture, founder and chairman Rashesh Shah told Mint during an interaction, adding that the steps will “unbundle multiple entities and remove crisscrossing of spaghetti wires across its subsidiaries”.
In this third phase of the group’s journey, the focus will be on efficiency and not chasing high growth, Shah told the newspaper.
Earlier, the daily had reported that Edelweiss Financial Services Ltd is likely to list its step-down subsidiary Edelweiss Alternative Asset Advisors Ltd (EAAA), making it India’s first IPO in the private capital segment.
The IPO will mostly be an offer-for-sale and help the parent firm cut its debt, Mint had reported on October 1. Axis Capital is advising for the issue and the proposal is likely to be taken up in the board meeting scheduled to be held in October-end, the newspaper said.
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