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