Edelweiss Financial Services Ltd invests further in Edelweiss Life Insurance Company Ltd

Edelweiss Financial Services Limited has subscribed to the Rights Issue of Edelweiss Life Insurance Company Limited (formerly known as Edelweiss Tokio Life Insurance Company Limited), a subsidiary of the Company (ELIC) and ELIC has on July 18, 2024 (allotment advice received on July 19, 2024) allotted 5,03,97,600 Equity Shares of Rs. 10 each for a consideration of Rs. 50.40 crores.

Consequently, the shareholding of the Company in ELIC has gone up from 76.36% to 77.54%.

ELIC is in the business of providing life insurance, pensions and health insurance to individuals and groups.

During the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022, ELIC had revenue of Rs. 1932.09 crores, Rs. 1690.47 crores and Rs. 1464.20crores respectively.

Shares of Edelweiss Financial Services Limited was last trading in BSE at Rs. 61.18 as compared to the previous close of Rs. 63.04. The total number of shares traded during the day was 693629 in over 13951 trades.

The stock hit an intraday high of Rs. 63.10 and intraday low of 60.30. The net turnover during the day was Rs. 42465794.00.

Source : Equity Bulls

Keywords

EdelweissFinancialServices INE532F01054 Investment EdelweissLifeInsuranceCompany