Edelweiss Financial Services Ltd. is set to raise funds through a stake sale of 10–20% in its wholly-ownedsubsidiary, Edelweiss Alternative Asset Management.
It plans to raise funds to the tune of Rs 1,500–Rs 2,000 crore and the process is expected to be completed in four to five months, according to an exchange filing on Monday. "This minority stake sale will enable debt reduction and establish the market value of the business."
The company has communicated about these plans in its annual general meeting.
In October, EAAA raised about Rs 8,000 crore for its third special-situation fund as well. Its current assets under management stand at Rs 50,000 crore as of Sept. 30.
Edelweiss Financial also expressed its disappointment with the Securities Appellate Tribunal's order that was received by Nuvama.
Penalising a professional clearing member for a "broker's misdeeds is, in our view unjust, potentially jeopardising industry norms and impeding the growth of PCMs", it said.
Edelweiss Financial said Nuvama would explore all legal options that are available, including appealing to the Supreme Court.
RECOMMENDED FOR YOU
Edelweiss Financial Services: Abu Dhabi Investment Authority Buys Stake
Sep 13, 2024
Visa Firm VFS Up For Sale At $7-Billion Valuation As Blackstone Looks To Pare Stake
Sep 13, 2024
New PPF Norms Bring Clarity To Treatment Of Minors And Multiple Accounts
Sep 10, 2024
Porsche Crash: Hearing Before Juvenile Justice Board Deferred
Aug 29, 2024
POPULAR