Intraday on Monday, Edelweiss share price dipped by more than 4 per cent at Rs. 94.40. It is planning to raise Rs 600-750 crore via a public issue of its consumer lending unit, ECL Finance.
Backed by Carlyle Group, the world's second-largest private equity fund, Edelweiss has executed preliminary talks with bankers about the suggested issue. The issue, which will see a stake dilution of 20-25%, is expected to hit the market in FY18.
Edelweiss share price have surged 15.5% in the last five trading sessions, outperformed the Sensex which rose 2 %. Mumbai-based Edelweiss has been raising funds in its different group entities, which includes ECL, over the past couple of months. It is looking to add firepower to a lucrative domestic lending business.
Edelweiss share price touched the day’s high and low at Rs. 97.70 and Rs. 92.75. For further details on the stock refer to Edelweiss share price history.
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