Bank of Singapore and a number of private equity (PE) players have expressed interest in purchasing minority stakes in Edelweiss Global Investment Advisors (EGIA).
PE firms such as Blackstone, KKR and Apax Partners are eyeing stakes in the investment and advisory business of Edelweiss Financial Services, The Economic Times reported.
EGIA, valued at $800 million-$1 billion, is looking for a partner to buy a 15-20 percent stake, sources told the publication.
Moneycontrol could not independently verify the story.
"Our advisory business (Wealth and Asset Management) has seen two previous infusions a few months ago and we continue to remain engaged with global investors, who will bring value to our businesses," an Edelweiss spokesperson told The Economic Times.
Blackstone and KKR declined to comment, while Bank of Singapore and Apax Partners have not yet responded to the paper.
Such a transaction might help Edelweiss tackle mounting bad loans and liquidity issues, and raise capital for its credit businesses, the report said.
EGIA runs the wealth management, capital markets, asset management and asset reconstruction businesses of Mumbai-based Edelweiss Financial Services.
In 2019, Kora Management had injected $125 million into EGIA, while Sanaka Capital invested $75 million. The two companies together own around 12 percent of EGIA.
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