Edelweiss Financial Services News

The company said the numbers are excluding those of the insurance verticals without sharing the same. Its revenue fell to Rs 1,887.3 crore from Rs 2,191.3 crore a year ago but did not offer any reason for the decline in both topline and bottomline. While retail collection efficiency was at 98 per cent, in housing finance and SME loans it was only 93 per cent, the company said.

Shares of Edelweiss Financial Services Wednesday surged over 4 percent, after its subsidiary Edelweiss Tokio Life Insurance got necessary approval from FIPB to increase its FDI cap.

Edelweiss Financial Services Tuesday reported a 17 percent rise in its consolidated net profit at Rs 91 crore for the quarter ended June, on the back of an overall increase in income.

Foreign investors can now invest up to 40 percent of the paid-up capital in Edelweiss Financial Services, up from earlier limit of 28 percent.

The issue also comes with an option to retain over- subscription up to Rs 200 crore, aggregating to a total of Rs 400 crore.