India: CDPQ comes in as Edelweiss ARC sponsor, holds 20% stake in entity

Photo: Ramesh Pathania/Mint

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.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.