Edelweiss Financial to exit insurance broking JV for ₹308 crore
The Hindu
Edelweiss Financial Services said it will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd. for ₹307.60 crore. “The company has entered into an
Edelweiss Financial Services said it will exit the insurance broking business by selling its 70% stake in Edelweiss Gallagher Insurance Brokers Ltd. for ₹307.60 crore. “The company has entered into an agreement to divest its entire shareholding (currently 70%) in Edelweiss Gallagher Insurance Brokers Ltd., a subsidiary, engaged in the business of insurance broking to Arthur J Gallagher & Co.,” Edelweiss Financial Services said in a regulatory filing. Gallagher, who previously held 30% in the business, will now be acquiring the balance shares, taking its stake to 100%, as per the filing.
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