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Further, Edelweiss Group, today announced that US-based Kora Management will be investing up to $125mn (Rs875cr) in the Group.
Kora Management, an investment firm focused on the financial and technology sectors across emerging markets, and an existing long-term investor in Edelweiss, has committed to invest $75mn in the advisory business, Edelweiss Global Investment Advisors (EGIA) subject to structuring-related milestones.
Speaking on the results, Mr. Rashesh Shah, Chairman and CEO, Edelweiss Financial Services Limited said: ‘’The current economic slowdown is not confined to just one sector, but has impacted virtually all areas of the economy; this is evident from the results of many companies this season. While we expect H1FY20 to be muted, we are hoping that H2FY20 will be better with signs of an easing liquidity environment with steps taken by the RBI and the Government leading to an expected economic recovery, although it may take some time. In these challenging times, what has helped us is our diversified business model.’’
He added (regarding the Kora Management investment announcement), "Kora Management is directly aligned with the strategic goals of the business, and we are very happy to strengthen our already long association. Our customers will benefit immensely from Kora’s acumen in technology and financial services across emerging markets, and their investment will help us scale our businesses in a competitive market environment."
Edelweiss Financial Services Ltd is currently trading at Rs143.85 up by Rs1.45 or 1.02% from its previous closing of Rs142.40 on the BSE