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    Funds from Kora Management will be invested in EGIA business, said Edelweiss

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    Funds from Kora Management will be invested in EGIA business, said Edelweiss

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    Nitin Jain, CEO- Global Wealth and Asset Management at Edelweiss, in an interview with CNBC-TV18 shared the details about the commitment of Rs 525 crore ($75 million) from Kora Management.

    Nitin Jain, CEO- Global Wealth and Asset Management at Edelweiss, in an interview with CNBC-TV18 shared the details about the commitment of Rs 525 crore ($75 million) from Kora Management.
    “As discussed in investor presentation, this is round is of around USD 200 million out of which Kora management is USD 125 million anchor investor and out of which USD 75 million will go in business called Edelweiss Global Investment Advisors (EGIA), which consists of wealth management, asset management and ARC business. All these businesses are coming together in holding company called GIA and that is the business where this investment would go,” said Jain.
    He specified that they need a lot of this growth capital for their wealth clients when they need ESOP financing or loan against share financing or mutual funds or bonds when they invest. "Those are the kind of business that need financing on a short-term basis, which needs capital," he added.
    “In future, we want to make all these three business independent, separately governed and self-capitalised, so the need for capital. Over and above, the capital will be used to build digital platform and expand the teams,” said Jain.
    "If we raise around USD 200 million then the dilution would be around 15-17 percent," said Jain, adding that USD 200 million was good enough capital for growth needs of the business.
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