Edelweiss Financial Services has transferred 61% of the stake held by the Company in Edelweiss Gallagher Insurance Brokers (EGIBL) to Arthur J. Gallagher & Co. (AJG) on October 18, 2021. Consequently, AJG now owns 91% of EGIBL, as a result of which EGIBL has ceased to be the subsidiary of the Company.
Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments – agency business and holding company activities.