Comments
CDPQ Private Equity Asia has become one of the sponsors of Edelweiss Asset Reconstruction Company with a 20 per cent stake in it.
This is post the conversion of 3.32 crore Compulsorily Convertible Preference Shares (CCPS) held by CDPQ into 5.26 crore equity shares of ₹10 each of Edelweiss ARC, valued at about ₹97.25 each, on receipt of approval from the Reserve Bank of India.
Areas of focus
“In the post-Covid environment, Edelweiss ARC will drive economic rehabilitation and revival, while focusing on building retail assets resolution capabilities as well,” it said in a statement on Tuesday. RK Bansal, Managing Director and CEO, Edelweiss ARC said, “CDPQ has been a long-term partner in Edelweiss ARC and we are pleased that they will now be a sponsor and enhance their long-term commitment and actively participate in the growth of this sector as a shareholder of EARC.”
It has assets under management of over ₹40,800 crore with a market share of about 41 per cent supported by strong recoveries despite the suspension of the Insolvency and Bankruptcy Code.
Caisse de dépôt et placement du Québec or CDPQ is one of North America’s largest pension fund managers. It entered into a long-term partnership agreement with Edelweiss Group in October 2016 and invested to acquire a 20 per cent equity stake in Edelweiss ARC.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.