Edelweiss Launches Rs 2,000 Crore Share Sale To Institutions

Edelweiss is selling the shares in a price range of Rs 280 to Rs 285 each, which would be a discount of 0.9 per cent to a premium of 0.9 per cent

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Edelweiss Launches Rs 2,000 Crore Share Sale To Institutions

Edelweiss is selling the shares in a price range of Rs 280 to Rs 285 each

Singapore/ Mumbai: Edelweiss Financial Services Ltd has launched a share sale to institutions to raise as much as Rs 2,000 crore ($307 million), according to a deal term sheet seen by Reuters on Wednesday.

The deal has a base size of up to Rs 1,500 crore with an up to Rs 500 crore upsize option, the term sheet showed.

Edelweiss is selling the shares in a price range of Rs 280 to Rs 285 each, which would be a discount of 0.9 per cent to a premium of 0.9 per cent to the stock's Wednesday closing price.

The so-called qualified institutions placement will lead to a dilution of up to 7.7 per cent of post-issue capital.

The funds raised will be used to fund growth and expansion, and to boost capital ratios, Edelweiss said in a filing.

Citigroup, Emkay, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets are managing the share sale, according to the filing.

© Thomson Reuters 2017


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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