Edelweiss Asset Reconstruction Company Ltd receives RBI approval for conversion of CCPS

Edelweiss Asset Reconstruction Company Limited (EARC), a subsidiary of Edelweiss Financial Services Limited has received the approval of the Reserve Bank of India for conversion of the Compulsorily Convertible Preference Shares (CCPS) held by CDPQ Private Equity Asia Pte Ltd. (CDPQ) in EARC and, consequently, CDPQ becoming a Sponsor of EARC as per the RBI Regulations. 3,32,00,000 Compulsorily Convertible Preference Shares of Rs. 10 each held by CDPQ Private Equity Asia Pte Ltd. ("CDPQ") have been converted into 5,26,31,579 Equity Shares of Rs. 10 each of the Company.

With this conversion, CDPQ, has become one of the sponsors of the Company and holds 20% of the total paid up equity share capital of the Company.

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs. 80 as compared to the previous close of Rs. 80.05. The total number of shares traded during the day was 100911 in over 1131 trades.

The stock hit an intraday high of Rs. 81.55 and intraday low of 79.65. The net turnover during the day was Rs. 8119375.

Source : Equity Bulls

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