Edelweiss Financial to shine on PAG fund infusion

PAG and Edelweiss Group on Thursday announced a strategic investment of about $300 million (about Rs 2,200 crore) by the former for a 51 per cent stake in Edelweiss Wealth Management.

According to the company, the partnership unlocks value for Edelweiss Financial Services shareholders and paves the way for future growth.

EWM's customer assets under advice (AuA) stand at Rs 1.27 lakh crore (Q1 FY21), it said in a statement. The investment will help Edelweiss Wealth Management achieve the next level of growth and also benefit from PAG’s capital, business expertise and global experience.

PAG expects to invest $1 billion in the country in the next three years.

The EWM demerger and a listing on the stock exchanges is expected in 12-18 months. Shareholders will closely monitor the development.

Vertical split may put GMR Infra on higher plane

Shares of GMR Infrastructure will remain in focus as its board on Thursday, along with group companies such as GMR Power Infra and GMR Power and Urban Infra Ltd, announced a composite scheme of arrangement.

The scheme will result in a vertical split of the Non-Airport Business (Energy, EPC, Urban Infrastructure) of GIL into GPUIL, along side amalgamation of GPIL with GIL, as a step preceding demerger.

The restructuring is aimed at creating pure plays in different businesses of the Group, thereby, attracting sector-specific global investors and unlocking value for the current shareholders of GIL. This will also pave the way for focussed growth and sustained value creation for all stakeholders over a period of time.

A separate listing of both the airport and non-airport businesses will help in simplifying the corporate holding structure.

Investors and shareholders will closely monitor further developments on this front.

Demerger of NMDC in focus

The board of NMDC Ltd on Thursday approved the demerger of NMDC Iron & Steel Plant Ltd (NISP), the company said in a notice to the stock exchanges.

The board approval came despite the Chhattisgarh government opposing the privatisation move.

Meanwhile, the company reported a 40.6 per cent y-o-y drop in consolidated revenue to Rs 1,937 crore for Q1 FY21. Consolidated net profit declined 55 per cent to Rs 532 crore, due to the Covid-19 pandemic.

Order win bodes well for Artsons Engineering

In a disclosure to the stock exchanges, Artsons Engineering said it has received a Letter of Intent (LOI) of Rs 16.63 crore, including GST, from Tata Projects. The order is for site fabrication, erection, testing, commissioning of storage tanks and miscellaneous supplies at BPCL Bargarh Project.

The order has to be completed within nine months.

Tata Projects holds a 75 per cent stake in Artsons Engineering. Shareholders will monitor the execution of the projects from Artsons Engineering, which had reported a loss of Rs 4.52 crore for the quarter ended June 2020 on revenues of Rs 20.90 crore.

All eyes on SBI's new chief selection

The Banks Board Bureau on Friday will interview four Managing Directors of State Bank India for the post of Chairman, as the tenure of incumbent Rajnish Kumar ends on October 7.

Ashwani Bhatia, who took charge as one of the MDs of SBI on Monday, and three existing MDs — Dinesh Khara, Arijit Basu and CS Setty — will be interviewed.

Even as the BBB, the apex body that will select chiefs of public sector banks and insurance companies, meets to select the chairman, there is speculation that Rajnish Kumar might still be considered for an extension, given the Covid-19-induced stress in the banking sector.