Edelweiss Wealth Management (EWM) will list its shares in stock exchanges by December 2022 or January 2023, according to local media reports.
Ashish Kehair, managing director and chief executive, told Indian website BusinessLine that the listing will happen through a demerger of EWM from its holding company Edelweiss Financial Services.
He said: “We are looking at demerger route through listed company Edelweiss Financial Services. Since it is coming out of listed company, the demerged business will get automatically listed.”
Kehair added that the proposed demerger is a “work in progress” and regulatory and stock-exchange related clearances are expected by the year-end.
“We expect the hive-off to be done by December. There are two stages — first gets done in April and the second stage starts immediately,” he added. “We hope to effectively grow our overall client base by 30-40% every year.
“We have a strong multi-product digital offering for our clients. We will not go mass-retail. We think banks are well positioned to be in that area [mass-retail].”
International Adviser has contacted EWM for a comment but it did not reply in time for publication.
