Asia private equity firm PAG has made a INR23.7m (£236,878, $326,430, €274,859) investment to up its stake in Edelweiss Wealth Management (EWM) to 61.5%.
PAG is acquiring the stakes of EWM’s previous investors, Kora Management and Sanaka Capital.
Edelweiss Group will continue to hold a 38.5% stake, with the option to increase it to 44%.
Listing
PAG and Edelweiss Group will work together towards demerger and the eventual listing of the business, “paving way for unlocking value”, the firms said.
Rashesh Shah, chairman and chief executive of Edelweiss Group, said, “The partnership with PAG is a strong endorsement of the quality of businesses we have built to scale over the years.
“Our focus will continue to be on enhancing the value of the franchise while simultaneously exploring avenues to unlock this value for the shareholders.
Nikhil Srivastava, partner, managing director and head of India private equity at PAG, added: “EWM is one of India’s leading wealth management companies with products and services that are highly regarded by customers.
“We look forward to leveraging PAG’s global experience to drive innovation and transformation to further strengthen EWM’s market position and create long-term value for all stakeholders.”
