Edelweiss Financial Services rises 3% after Carnelian Asset buys stake

Edelweiss shares rose 3 per cent after Carnelian Asset Management and Advisors, promoted acquired 80,00,000 shares of Edelweiss at an average price of ₹90.4 per share

Edelweiss Financial Services share price gained 3.2 per cent in trade on Wednesday, logging an intraday high at ₹96.69 per share on BSE. The stock surged a day after shares were bought by Carnelian Asset Management and Advisors via a bulk deal on BSE.

 

At 1:10 PM, Religare Enterprises shares were up 2.03 per cent at ₹95.59 per share on the BSE. In comparison, the BSE Sensex was up 0.45 per cent at 81,552.86. The market capitalisation of the company stood at ₹9,041.41 crore. The 52-week high of the stock was at ₹145.5 per share and the 52-week low of the stock was at ₹59.4 per share.   ALSO READ: Edelweiss Employees Trust divests 1.7% stake in Edelweiss Fin for ₹145 cr

Edelweiss Financial Services bulk deal details

On Tuesday, Carnelian Asset Management and Advisors, promoted acquired 80,00,000 shares of Edelweiss at an average price of ₹90.4 per share. However, the Edelweiss Employees Welfare Trust offloaded 1,60,00,000 shares in the company at the same price.

 

On May 14, CLSA trimmed its holding by divesting a 1.2 per cent stake in Edelweiss Financial Services for ₹100 crore through an open market transaction.

 

Hong Kong-based CLSA through its affiliate -- CLSA Global Markets Pte -- offloaded a little over 11.3 million shares, or 1.2 per cent stake, in Edelweiss Financial Services, as per the bulk deal data available on the National Stock Exchange (NSE).

 

The shares were disposed of at an average price of ₹88.55 apiece, taking the transaction value to ₹100.08 crore.

 

After the latest transaction, CLSA's holding through its arm in Edelweiss Financial Services has declined to 4.54 per cent from 5.74 per cent.

 

Meanwhile, US-based Miri Capital Management through its arm -- the Miri Strategic Emerging Markets Fund LP -- bought more than 11 million shares, or 1.16 per cent stake in Edelweiss Financial Services for ₹98 crore. The shares were picked up at the same price.

About Edelweiss Financial Services 

Edelweiss Financial Services Limited is an Indian financial services conglomerate headquartered in Mumbai. The company has evolved from a boutique investment bank into a diversified entity offering a comprehensive suite of financial products and services.