Edelweiss Financial Services Ltd (EFSL) has invested ₹250 crore to subscribe to the rights issue of its subsidiary Edelweiss Tokio Life Insurance Company (ETLI). Consequently, the shareholding of EFSL in ETLI has gone up from 66 per cent to 75.08 per cent.
EFSL has been allotted 25 crore equity shares of ETLI of ₹10 each for a cash consideration of ₹250 crore, according to an exchange filing. ETLI is in the business of providing life insurance, pension and health insurance to individuals and groups.
In the last three fiscals (FY20, FY21 and FY22), , ETLI posted revenues of ₹1,123 crore, ₹1,855 crore and ₹1,942 crore, respectively.