Edelweiss Financial shares in focus on plans to sell minority stake in MF arm
Edelweiss Financial Services are likely to remain in focus on Tuesday amid its plans to sell a minority stake in its mutual fund business Edelweiss Mutual Fund.
According to sources, the firm is looking to sell a 25-35% stake in its mutual fund arm and is seeking a valuation of $600 million.
«To further strengthen our international business, we are open to exploring opportunities with minority strategic partners, ensuring there is a strong alignment in values and vision,» says Radhika Gupta, MD, Edelweiss MF.
It was also anticipated that the company had appointed Nomura as its advisor for the transaction, for which the stock exchanges had sought clarification from the company.
However, the company, via an exchange filing clarified that it has disclosed all the relevant details to the exchanges and will continue to do so.
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