The Economic Times daily newspaper is available online now.

    CDPQ becomes a sponsor of Edelweiss ARC

    Synopsis

    Edelweiss Asset Reconstruction Company on Tuesday said CDPQ Private Equity Asia Pte (CDPQ) has become one of its sponsors with 20% of the total paid-up equity share capital of the company. This is post the conversion of 3.

    fundingGetty Images
    With assets under management of Rs 40,800 crore, EARC has a market share of 41 per cent.
    Mumbai: Edelweiss Asset Reconstruction Company on Tuesday said CDPQ Private Equity Asia Pte (CDPQ) has become one of its sponsors with 20% of the total paid-up equity share capital of the company. This is post the conversion of 3.32 crore compulsorily convertible preference shares (CCPS) held by CDPQ into 5.26 crore equity shares of Rs 10 each of the company, valued at around Rs 97.25 each, the company said in a release.

    "CDPQ has been a long-term partner in Edelweiss ARC and we are pleased that they will now be a sponsor and enhance their long-term commitment and actively participate in the growth of this sector as a shareholder of EARC," Edelweiss ARC Managing Director and CEO R K Bansal said in the release.

    Caisse de dépôt et placement du Québec (CDPQ), one of North America's largest pension fund managers, entered into a long-term partnership agreement with Edelweiss Group in October 2016. CDPQ invested to acquire a 20 per cent equity stake in EARC.

    With assets under management of Rs 40,800 crore, EARC has a market share of 41 per cent.




    ( Originally published on Sep 07, 2021 )

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in