Edelweiss Financial Services 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. Post the transaction, EGIBL will cease to be a subsidiary of the Company.
Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments - agency business and holding company activities.
