Edelweiss Financial Services gains as its Group increases stake in Wealth Management Business

Edelweiss Financial Services is currently trading at Rs. 75.95, up by 0.35 points or 0.46% from its previous closing of Rs. 75.60 on the BSE.

The scrip opened at Rs. 75.95 and has touched a high and low of Rs. 77.25 and Rs. 75.80 respectively. So far 51416 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 100.80 on 14-Jul-2021 and a 52 week low of Rs. 56.70 on 03-May-2021.

Last one week high and low of the scrip stood at Rs. 77.50 and Rs. 68.20 respectively. The current market cap of the company is Rs. 7198.21 crore.

The promoters holding in the company stood at 32.82%, while Institutions and Non-Institutions held 34.95% and 32.24% respectively.

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.

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