Edelweiss transfers remaining 9% stake Gallagher Insurance Brokers to AJG for Rs39.55 crore

14 Mar 2022 , 03:55 PM

Edelweiss Financial Services Limited has in the second tranche, transferred the remaining 9% of the stake held by the Company in Gallagher Insurance Brokers Private Limited (GIBPL) to Arthur J. Gallagher & Co. (AJG) on March 14, 2022 for Rs39.55 crore.

Consequently, the Company has transferred its entire shareholding in GIBPL to AJG. The Company holds 9% in the equity share capital of GIBPL. Upon sell of the above stake, AJG now owns 100% in the equity share capital of GIBPL.

GIBPL was incorporated on February 8, 2000, and is registered with the IRDAI as Insurance Broker. During the financial year ended March 31, 2021, March 31, 2020 and March 31, 2019, GIBPL had turnover of Rs63.11 crore, Rs49.60 crore and Rs36.10 crore respectively.

Edelweiss Financial Services Ltd ended at Rs53.40 per piece down by Rs0.9 or 1.66% from its previous closing of Rs54.30 per piece on the BSE.