Edelweiss Group on Friday said it sees lot of opportunities in the wealth management space after the company decided to divest stake in Edelweiss Wealth Management (EWM).
In an interview to CNBC-TV18, Rashesh Shah, chairman and chief executive officer, said that Edelweiss will demerge the Edelweiss Wealth Management business and distribute the shares for free to the the shareholders.
"Our expectation is that our old investors Kora and Sanaka should have about 8-9 percent ownership in this business. Edelweiss' stake will be about more than 40 percent in this and PAG will be 51 percent. So at 40 percent plus, Edelweiss will be able to distribute those shares to our shareholders as the demerger process goes in," he added.
"As Kora and Sanaka have convertible structure so depending on how it gets converted, around 8-9 percent will be their holding. Edelweiss will be 40 plus, most likely 41-42 percent," Shah added.