Home >Companies >News >CDPQ becomes one of the sponsors of Edelweiss ARC, holds 20% stake

Mumbai: Edelweiss Asset Reconstruction Co Ltd (EARC) on Tuesday said CDPQ Private Equity Asia Pte Ltd, an entity controlled by Canada’s second-largest pension fund manager CDPQ, has become one of the sponsors of EARC with 20% shareholding in the company.

This is post the conversion of 3,32,00,000 compulsorily convertible preference shares (CCPS) held by CDPQ into 5,26,31,579 shares of 10 each, valued at 97.25 each, Edelweiss said in a statement. This was done after receiving approval from the Reserve Bank of India.

R.K. Bansal, MD & CEO of Edelweiss ARC, said “CDPQ has been a long- term partner in Edelweiss ARC and we are pleased that they will now be a sponsor and enhance their long-term commitment and actively participate in the growth of this sector as a shareholder of EARC."

Caisse de dépôt et placement du Québec (CDPQ), one of North America’s largest pension fund managers, entered into a long-term partnership agreement with Edelweiss Group in October 2016. With assets under management of 408 billion EARC is a market leader with a market share of around 41% supported by strong recoveries.

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