According to a regulatory filing, PAG, better known as Pacific Alliance Group, has invested Rs 2,366 crore in Edelweiss Wealth Management to acquire a majority stake in the business.
For the nine months ending December 31, 2020, Edelweiss Wealth Management announced revenues of Rs 800 crore and profit after tax of Rs 180 crore.
In the statement, Edelweiss Group said, “PAG has made an investment of approximately Rs 2,366 crore in EWM, including private and public investment.”
According to the firm, PAG’s primary capital injection into the EWM sector would help to boost EWM’s equity base and ensure the availability of growth capital.
According to the statement “As a result of these transactions, PAG Group and EFSL will be shareholders in EWM, with PAG holding a majority interest.”
Edelweiss and Pacific Alliance Groupwill continue to collaborate in order to unlock value through the demerger and listing of the EWM company, according to the statement.
