Edelweiss Financial Services has informed that the Company has entered into an agreement on July 1, 2021 to divest its entire shareholding (currently 70%) in Edelweiss Gallagher Insurance Brokers (‘EGIBL’), a subsidiary, engaged in the business of insurance broking to Arthur J. Gallagher & Co. (‘AJG’), subject to receipt of regulatory and other appropriate approvals (including approval of the Insurance Regulatory and Development Authority of India) and fulfilment of the obligations/conditions prescribed in the Agreement. The Company, AJG and EGIBL have entered into requisite agreements in this regard, as per the details provided in the Annexure. Post the transaction, EGIBL will cease to be a subsidiary of the Company.
The above information is a part of company’s filings submitted to BSE.
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