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      EFSL gains after subsidiary gets FIPB approval

      MoM Team / Mumbai, Aug 26, 2015 12:26 PM IST

        EFSL gains after subsidiary gets FIPB approval

        Edelweiss Financial Services gained 2.8 percent to Rs 55.65 on BSE after Edelweiss Tokio Life Insurance was granted approval by the Foreign Investment Promotion Board for increase in foreign equity from 26 percent to 49 percent of its paid up capital.

        The company made the announcement after market hours yesterday, 25 August 2015.

        Meanwhile, the BSE Sensex was down 133.24 points, or 0.51 percent to 25,899.14.

        On BSE, so far 83,168 shares were traded in the counter, compared with an average volume of 6.84 lakh shares in the past one quarter.

        The stock hit a high of Rs 56.60 and a low of Rs 55 so far during the day. The stock had hit a 52-week high of Rs 82.25 on 27 January 2015. The stock had hit a 52-week low of Rs 44.60 on 25 September 2014.

        The stock had underperformed the market over the past one month till 25 August 2015, sliding 15.8 percent compared with 7.4 percent fall in the Sensex. The stock had also underperformed the market in past one quarter, declining 9.76 percent as against Sensex's 5.83 percent decline.

        The mid-cap company has an equity capital of Rs 80.87 crore. Face value per share is Re 1.

        Edelweiss Financial Services said that Edelweiss Tokio Life Insurance, a subsidiary of the company has been granted approval by the Foreign Investment Promotion Board (FIPB) for increase in foreign equity from 26 percent to 49 percent of the paid up capital.

        Edelweiss Tokio Life Insurance had sought approval of the government to increase foreign equity in the firm from 26 percent to 49 percent of the company's paid up capital. It is proposed that Tokio Marine & Nichido Fire Insurance Co, Japan will invest a sum of not exceeding Rs 540 crore.

        Edelweiss Financial Services' consolidated net profit rose 13.1 percent to Rs 81.27 crore on 43.3 percent rise in total income to Rs 1158.78 crore in Q1 June 2015 over Q1 June 2014.

        Edelweiss is one of India's leading diversified financial services Group. Edelweiss offers a large range of products and services spanning across asset classes and consumer segments.


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      Source: Capital Market


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