PAG has agreed to buy a controlling stake in the wealth management and capital markets business of Edelweiss Financial Services NSE 0.48 % that also includes investment banking, its first large deal in the country after setting up local base in 2019. PAG, among the largest Asia-focussed alternative asset management firm, on Thursday said in an official statement that it is paying Rs 2,244 crore to buy a 51% stake in these businesses that will be carved out of Edelweiss subsidiary, called Edelweiss Global Investment Advisors. In Edelweiss, both these businesses come under the omnibus umbrella of Edelweiss Global Wealth Management Limited (EGWML). The company will issue compulsorily convertible debentures (CCDs) to PAG worth Rs 2,204 crore. There will also be a primary issuance of securities by Edelweiss’ securities business of around Rs 140 crore to EGWML and PAG along with the other existing shareholders. The sale was approved at a board...
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