Edelweiss Financial Services on Friday said it will exit the insurance broking business by selling its 70 per cent stake in Edelweiss Gallagher Insurance Brokers Ltd for Rs 307.60 crore. The company has entered into an agreement. to divest its entire shareholding (currently 70 per cent) in Edelweiss Gallagher Insurance Brokers Ltd, a subsidiary, engaged in the business of insurance broking to Arthur J Gallagher & Co., Edelweiss Financial Services said in a regulatory filing. Gallagher, who previously held 30 per cent in the business, will now be acquiring all the remaining shares, taking its stake to 100 per cent, the filing added. The company said, as per the agreement 37,00,000 equity shares of Rs 10 each representing 70 per cent of the paid up share capital of Edelweiss Gallagher Insurance Brokers held by the company to be sold for a consideration of Rs 307.60 crore, in one or more tranches, in the manner as set out in the agreement.
Total consolidated income during January-March 2021 jumped to Rs 4,480.95 crore as against Rs 1,965.87 crore in the year-ago period, Edelweiss said in a regulatory filing
Read more about Edelweiss Fin Services reports Rs 637-cr net profit for Mar quarter on Business Standard. Edelweiss Financial Services on Friday reported a consolidated net profit of Rs 636.70 crore for the March 2021 quarter.The company had posted a net loss of Rs 2,281.55 crore in the year-ago same quarter. Sequentially also, there was a net loss of
Edelweiss Financial Services shares locked in 5% lower circuit business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Edelweiss Financial Services on Monday (21 December 2020) announced that it will raise upto Rs 200 crore through public issue of secured redeemable non-convertible debentures (NCDs).The company announced a public issue of secured redeemable non-convertible debentures (NCDs) of a face value of Rs 1,000 each, amounting to Rs 100 crore, with an option to retain oversubscription up to Rs 100 crore, aggregating to a total of Rs 200 crore.
The NCDs offer an effective yield (cumulative) of 9.95% p.a. for 120 months tenure, 9.35% p.a. for 36 months tenure and up to 9.80% p.a. for 60 months tenure.
Edelweiss said that 75% of the funds raised through this issue will be used for the purpose of repayment /prepayment of interest and principal of existing borrowings of the company and the balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the issue.