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Edelweiss Financial share rises 5% as PAG Group invests Rs 2,366 crore in Edelweiss Wealth Management

Share of Edelweiss Financial Services gained 5% to Rs 85.35 against previous close of Rs 81.30 on BSE

twitter-logoBusinessToday.In | March 23, 2021 | Updated 09:59 IST
Edelweiss Financial share rises 5% as PAG Group invests Rs 2,366 crore in Edelweiss Wealth Management
Edelweiss Financial share climbed 132% in one year and gained 24.36% since the beginning of this year.

Edelweiss Financial Services share hit upper circuit of 5% in early trade after the Edelweiss Group said wealth management firm PAG Group has invested Rs 2,366 crore to acquire controlling stake in Edelweiss Wealth Management.

Share of Edelweiss Financial Services gained 5% to Rs 85.35 against previous close of Rs 81.30 on BSE. Market cap of the firm rose to Rs 7,953 crore on BSE. Edelweiss Financial share climbed 132% in one year and gained 24.36% since the beginning of this year.

In a month, the stock has risen 35.53%. For the quarter ended December 2020,number of FIIs holding the stock have decreased from 169 to 143.

"PAG has made an investment of approximately Rs 2,366 crore in EWM, including primary and secondary investment," Edelweiss Group said in a filing.

Edelweiss Wealth Management (EWM) reported revenues of Rs 800 crore and profit after tax of Rs 180 crore for nine-month ended December 31, 2020. It said the primary capital infusion in the EWM business from PAG will further strengthen the equity base of EWM and ensure availability of growth capital.

"Pursuant to these transactions, PAG Group and EFSL will be the shareholders in EWM, of which PAG will hold a controlling stake," the filing said.

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Edelweiss and PAG will continue to work together towards value unlocking through demerger and listing of EWM business, it added.

Meanwhile, Sensex was trading 215 points higher at 49,975 and Nifty rose 71 points to 14,808. On Monday, Sensex ended 87 points lower at 49,771 and Nifty settled 7.6 points lower at 14,736.

Share Market LIVE Updates: Sensex opens 73 pts higher, Nifty at 14,768; IndusInd, HCL Tech, M&M top gainers

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