India's Edelweiss Financial to raise $125 mln from U.S.-based Kora Management

Edelweiss Financial Services

14/08/2019 12:20

BENGALURU, Aug 14 (Reuters) - Edelweiss Financial Services
Ltd  EDEL.NS  said on Wednesday U.S.-based Kora Management would
invest $125 million in the Indian financial services company,
weeks after Canadian private equity firm CDPQ's investment of
$255 million. 
    Kora will invest $75 million in Edelweiss Financial's
advisory business and a further $50 million in Edelweiss Group,
the shadow bank said https://www.bseindia.com/xml-data/corpfiling/AttachLive/aacc92e3-2cd9-4666-a40d-3c07cb76a82f.pdf.
    
    Indian shadow banks are facing a funding crisis as domestic
lenders are wary to invest in them following industry behemoth
IL&FS default amid fraud allegations, leaving many of them to
seek overseas support.  urn:newsml:reuters.com:*:nL3N1X20L8
    In May, rival Cholamandalam Investment and Finance Company
Ltd  CHLA.NS  said it would raise $222 million through bonds
from foreign investors.  urn:newsml:reuters.com:*:nFWN235045
    Mumbai-based Edelweiss said in March that CDPQ's Asian arm
made a $150-million investment as the first tranche of its total
outlay.  urn:newsml:reuters.com:*:nFWN22M0L4
        

 (Reporting by Derek Francis in Bengaluru, Editing by Sherry
Jacob-Phillips)
 ((derek.francis@thomsonreuters.com; +91-9986311363; Tweet to
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