Edelweiss Financial To Raise $125 Million From US-Based Kora Management



Edelweiss Financial Services Ltd said on Wednesday US-based Kora Management would invest $125 million in the Indian financial services company, weeks after Canadian private equity firm CDPQ’s investment of $255 million.

Kora will invest $75 million in Edelweiss Financial’s advisory business and a further $50 million in Edelweiss Group, the shadow bank said.

Indian shadow banks are facing a funding crisis as domestic lenders are wary to invest in them following industry behemoth IL&FS default amid fraud allegations, leaving many of them to seek overseas support.

In May, rival Cholamandalam Investment and Finance Company Ltd said it would raise $222 million through bonds from foreign investors.

Mumbai-based Edelweiss said in March that CDPQ’s Asian arm made a $150-million investment as the first tranche of its total outlay.

Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24×7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.


Please enter your comment!
Please enter your name here