Highlights

  • Edelweiss Financial Services plans to divest a 10 to 20% stake in its subsidiary
  • Edelweiss Financial Services aims to raise between Rs 1,500 to 2,000 crore from this sale

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Edelweiss to divest up to 20% stake in Edelweiss Alternative Asset Management

The primary objectives behind this endeavor are twofold: firstly, to alleviate debt burdens, and secondly, to establish a more accurate market valuation of the business

Edelweiss to divest up to 20% stake in Edelweiss Alternative Asset Management

Edelweiss Financial Services has announced its plan to divest a 10 to 20 percent stake in its subsidiary, Edelweiss Alternative Asset Management. This strategic move is to begin the process of equity monetization, with the company aiming to raise between Rs 1,500 to 2,000 crore from this sale within a timeline of four to five months, as stated in an official release.

This will help the company alleviate its debt burden, and secondly, to establish a more accurate market valuation of the business. This also aligns with the company's objective to unlock value for its shareholders.

Also read/watch - Infosys announces revised salaries for employees, average pay hike set below 10%: Report

Edelweiss also conveyed disappointment with the recent decision by the Securities Appellate Tribunal (SAT) regarding Nuvama, formerly known as Edelweiss Custodial Services. The SAT dismissed Nuvama's appeal against an order issued by the Core Settlement Guarantee Fund Committee of NSE Clearing. This directive mandated Nuvama to reinstate securities and return shares valued at Rs 450 crore to clients of Anugrah Stock and Broking. This ruling stemmed from the misuse of clients' securities by the brokerage, resulting in their wrongful sale.

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