Edelweiss share price rise as Rashesh Shah hikes stake

The share price of Edelweiss Financial Services rose by 5 per cent in a falling market on Wednesday. This comes after the company’s promoter Rashesh Shah and Venkatchalam Ramaswamy picked up three lakh shares valued at over Rs 1.15 crore and one lakh shares valued at over Rs 38.47 respectively in the open market. Total promoter holding in the company is 32.93 per cent of which promoter group led by Shah hold 23 per cent.

After the acquisition the shareholding of Shah has marginally risen to 15.58 per cent from 15.55 per cent earlier, the shareholding filed by the company with the Bombay Stock Exchange (BSE) showed. The holding of Ramaswamy rose to 6.22 per cent from 6.21 per cent earlier. Sources close to the company said the Edelweiss will be looking at unlocking value in its other business.

Edelweiss share price had touched a low of Rs 29.90 on March 26. On Wednesday the share was trading at Rs 40.05 on BSE. The share price of the company which is involved in non-banking financial services and brokerage and advisory has seen a sharp fall from its 52-week high in line with crash in other financial services company firms. The current market-cap of Edelweiss stood at Rs 3,742 crore.