Stocks

Edelweiss surges as Rashesh Shah increases stake

Our Bureau Mumbai | Updated on April 01, 2020 Published on April 01, 2020

The share price of Edelweiss Financial Services rose by 5 per cent in a falling market on Wednesday as company’s promoters Rashesh Shah and Venkatchalam Ramaswamy picked up 3 lakh shares valued at over ₹1.15 crore and 1 lakh shares valued at over ₹38.47 lakh, respectively, in 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 BSE showed.

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 ₹29.9 on March 26. On Wednesday, the stock closed at ₹40.05, up 5 per cent, on the 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 ₹3,742 crore.

Published on April 01, 2020

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