Edelweiss Asset Reconstruction Company (EARC) on Tuesday said CDPQ Private Equity Asia Pte (CDPQ) has become one of its sponsors with 20 per cent of the total paid-up equity share capital of the company.
This is post-the conversion of 3.32 crore compulsorily convertible preference shares (CCPS) held by CDPQ into 5.26 crore equity shares of Rs 10 each of the company, valued at around Rs 97.25 each, the company said in a release.
"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," Edelweiss ARC Managing Director and CEO R K Bansal said in the release.
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. CDPQ invested to acquire a 20 per cent equity stake in EARC.
With assets under management of Rs 40,800 crore, EARC has a market share of 41 per cent.
