Transaction Closure: Sale of DBS Cholamandalam Asset Management Company

Edelweiss Capital Limited has advised Cholamandalam DBS Finance Limited (“CDFL”) on the sale of its 100% equity interest in DBS Cholamandalam Asset Management (“DCAM”) to L&T Finance Limited (a subsidiary of Larsen & Toubro Limited) for a consideration of INR 44.82 crores.

DCAM was founded in 1996 and manages funds in excess of Rs. 2,619 crores (as on January 31, 2010) across ~20 schemes with over 1,20,000 customer accounts. DCAM products cover the entire range of equity, debt and cash asset classes. DCAM is present in over 20 locations in the country and also has a strong distribution network.

About Cholamandalam DBS Finance Limited:
Cholamandalam DBS is a listed joint venture between the Murugappa Group and DBS Bank of Singapore. The Company, along with its subsidiaries and affiliates, offers individual and institutional customers a range of financial services – vehicle finance, capital market finance, corporate finance, mutual funds, securities broking and distribution of investment and insurance products.

About L&T Finance Limited:
L&T Finance Limited is a wholly owned subsidiary of Larsen and Toubro. L&T Finance offers a spectrum of financial products and services for trade, industry and agriculture. The company's focus segments are corporate products, construction equipment, CVs and tractors.

Edelweiss Capital Limited acted as the Sole Financial Advisor to Cholamandalam DBS Finance Limited.