Monday, 30th October 2017

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US funds prop for Edelweiss

US-based investment firm Kora Management is investing Rs 850 crore in the Edelweiss group

  • Published 15.08.19, 1:44 AM
  • Updated 15.08.19, 1:44 AM
  • a min read
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“Our customers will benefit immensely from Kora’s acumen in technology and financial services across emerging markets, and their investment will help us scale our businesses in a competitive market environment,” Rashesh Shah, chairman and chief executive officer of the Edelweiss group, said. Wikimedia Commons

US-based investment firm Kora Management is investing Rs 850 crore ($125 million) in the Edelweiss group.

Kora, which focuses on the financial and technology sectors across emerging markets and is an existing investor in Edelweiss, will put Rs 525 crore, or $75 million, in the advisory business, Edelweiss Global Investment Advisors (EGIA).

EGIA includes the businesses of asset reconstruction, wealth and asset management and institutional client group, which together contributes to nearly 50 per cent of the group’s profit.

Kora also plans to make another investment of $50 million (Rs 350 crore) in Edelweiss, the timing and structuring of which is being finalised.

“Our customers will benefit immensely from Kora’s acumen in technology and financial services across emerging markets, and their investment will help us scale our businesses in a competitive market environment,” Rashesh Shah, chairman and chief executive officer of the Edelweiss group, said.

The Edelweiss group is also in talks with investors to join the first round of external investment in EGIA, which will be limited to $200 million (Rs 1,400 crore).

Kora’s founder and chief investment officer Nitin Saigal said, “Over the years, the group has built a diversified financial services franchise in India. Today, EGIA is well-positioned in asset and wealth management and distressed debt, two exciting sub-segments in Indian financial services.”

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