Stocks

Edelweiss Financial Services up 4% on positive cues about Kora investment

BL Internet Desk | Updated on November 11, 2019 Published on October 30, 2019

Shares of Edelweiss Financial Services traded 4 per cent higher today after it got approval recently from the Competition Commission for the US-based Kora’s proposed investment worth USD 75 million (about Rs 532 crore) in Edelweiss Group.

On the BSE, shares were up 4.15 per cent at Rs 93.20 on volumes of over 1 lakh shares as at 11.40 am, Similarly, the stock gained 4 per cent to trade at Rs 93.25, with volumes over 12.45 lakh shares on the NSE.

As per the share subscription agreement, Kora would invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries. The deal was announced in August this year.

Also, Edelweiss Global Wealth Management, a  financial advisory and product firm, which is amongst the top five in the industry pecking order, is now looking to double its assets-under-advice (AuA) to ₹2 lakh crore in next five years.

Published on October 30, 2019
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