Edelweiss, India’s leading diversified financial services group, has increased its stake in its associate company – Edelweiss Wealth Management (EWM) to 44.16%.
As a part of the agreement outlined last year, when PAG acquired a majority stake in the business, Edelweiss had the option to increase its stake by around 5%. Exercising that option, the Group has now acquired additional 5.28% stake, taking its stake in EWM from 38.88% to 44.16%. PAG-the world’s largest Asia-focused investment groups continues to be the majority shareholder in EWM with 55.84% stake.
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.
