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Edelweiss
Edelweiss Financial Services Ltd (EFSL) on Friday said global investment firm WestBridge Capital is acquiring a 15 per cent stake in Edelweiss Asset Management for Rs 450 crore. This transaction valued the asset management company at around Rs 3,000 crore. The deal is beneficial for all stakeholders and comes at an opportune time for Edelweiss Mutual Fund (MF), as it now shifts into the next phase of growth, Edelweiss Financial Services said in a statement. "For EFSL, this transaction underscores the objective of value creation and value unlock journey in the MF business; for Edelweiss MF, it strengthens the growth trajectory and the path to being an institutionalised independent business; and for WestBridge, it marks a strategic entry into a high-growth, well-governed MF business with proven leadership and scale potential," it added. Edelweiss Mutual Fund, one of the key businesses for Edelweiss Financial Services (EFSL), had total assets under management of Rs 1.52 lakh crore as
An Edelweiss group arm is planning to raise up to USD 500 million (about Rs 4,143 crore) for its maiden climate fund. Edelweiss Alternatives said the fund will be used in areas of renewable energy, transmission infrastructure, developing electric vehicle infrastructure, green infrastructure, water treatment, transport decarbonisation and industrial decarbonisation. Investors will be offered a long-term viable investment vehicle to participate in the world's largest market for sustainable energy transition and "generate far more worthwhile and steady returns", the company said in a statement on Monday. Edelweiss Alternatives President Subahoo Chordia said about USD 10 trillion of investment is required to achieve India's 2070 net-zero target. "Our climate fund will look to invest in this growing and attractive investment opportunity, while also contributing to achieve the Sustainable Development Goals like climate action, clean energy, clean water, and sustainable cities," Chordia .
Senior Edelweiss officials, accused of abetting the suicide of renowned art director Nitin Desai on Friday submitted to the Bombay High Court that he had started delaying on his loan repayment schedules from the end of 2018. Senior counsel Amit Desai, appearing for Edelweiss Financial Services chairman Rashesh Shah, Edelweiss ARC MD and CEO Raj Kumar Bansal and two other company officials, said a total loan of Rs 181 crore was given to Nitin Desai. The senior counsel said there was no mens rea (intention) or instigation on the part of the accused to cause abetment of Nitin Desai's alleged suicide. A division bench of Justices Nitin Sambre and R N Laddha was hearing petitions filed by the officials and Jitender Kothari, who was appointed by the National Company Law Tribunal (NCLT) as an interim resolution professional, seeking for the FIR to be quashed. The petitioners had sought interim order of protection from any coercive action and for the probe to be stayed in the case pending
The Bombay High Court on Friday refused to pass any order granting urgent interim reliefs to Edelweiss company officials, accused of abetting the suicide of renowned film art director Nitin Desai, and said it would hear their pleas against the FIR on August 18. A division bench of Justices N W Sambre and R N Laddha also issued a notice to Desai's wife, who is the complainant in the case. Senior counsel Amit Desai, appearing for Edelweiss Financial Services Chairman Rashesh Shah, Edelweiss Asset Reconstruction Company's MD and CEO Raj Kumar Bansal and two other company officials urged the court to grant them interim protection from any coercive action and also sought quashing of the first information report (FIR) registered against them. Public prosecutor Aruna Kamat Pai told the court that the FIR in the case was registered only last week and that the probe in the case was still on. The bench then said it would hear the petitions on August 18. "Wait for a week. We will hear the ..
Hours after a case was registered against its top officials for allegedly abetting the suicide of Bollywood art director Nitin Desai, Edelweiss ARC on Friday denied that it had put pressure on him for repaying loans. Stating that it followed all legal processes mandated by the RBI, the Asset Reconstruction Company also clarified that Desai, who had defaulted on a Rs 252 crore loan, was not charged an excessive interest rate. Neither was the interest rate charged excessive nor was there at any time undue pressure being put on the borrower for recovery, the company said in a late evening statement. Earlier in the day, the Raigad police in Maharashtra registered a first information report against Edelweiss Group chairman Rashesh Shah and four others including officials from the ARC, for allegedly abetting Desai's suicide. Deputy Chief Minister Devendra Fadnavis had on Thursday told the state legislature that the investigators will probe whether Desai was charged high interest for the
Fair-trade regulator CCI on Tuesday said it has cleared Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's subscription to certain compulsorily convertible debentures of Biocon Biologics Ltd. The deal has been cleared under the green channel route. Edelweiss Alternative Asset Advisors is a Sebi-registered alternative asset advisor, while ESOF III Investment Fund is a Sebi-registered Alternative Investment Fund (AIF). The proposed combination relates to Edelweiss Alternative Asset Advisors and ESOF III Investment Fund's proposal to subscribe to certain compulsorily convertible debentures issued by Biocon Biologics Ltd (BBL), according to CCI. BBL is a global biosimilar firm, engaged in the manufacturing and commercialisation of pharmaceutical formulations. The Competition Commission of India (CCI) said it has approved the proposed deal. "The parties' activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant ...