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Edelweiss Financial Services on Friday said it will exit the insurance broking business by selling its 70 per cent stake in Edelweiss Gallagher Insurance Brokers Ltd for Rs 307.60 crore. The company has entered into an agreement. to divest its entire shareholding (currently 70 per cent) in Edelweiss Gallagher Insurance Brokers Ltd, a subsidiary, engaged in the business of insurance broking to Arthur J Gallagher & Co., Edelweiss Financial Services said in a regulatory filing. Gallagher, who previously held 30 per cent in the business, will now be acquiring all the remaining shares, taking its stake to 100 per cent, the filing added. The company said, as per the agreement 37,00,000 equity shares of Rs 10 each representing 70 per cent of the paid up share capital of Edelweiss Gallagher Insurance Brokers held by the company to be sold for a consideration of Rs 307.60 crore, in one or more tranches, in the manner as set out in the agreement.

Rashesh shahVyvienne wadeEdelweiss financial servicesEdelweiss gallagher insurance brokers ltdEdelweiss financial services onEdelweiss groupEdelweiss gallagher insurance brokers ltd for rsDevelopment authority of indiaArthurj gallagher coArthurj gallagherFinancial servicesEdelweiss gallagher insurance brokersEdelweiss gallagher insurance brokerGallagher chairpersonGlobal brokingMiddle east