Edelweiss Financial Services sells Rs 1,759-crore stake in Nuvama Wealth
Rashesh Shah-led Edelweiss Financial Services on Thursday reduced its holding by offloading 7.14 percent in an open market transaction in Nuvama Wealth Management for Rs 1,759 crore.
Nuvama Group (formerly Edelweiss Wealth Management) is a listed company.
Edelweiss Financial Services through its two subsidiaries — Ecap Equities Ltd and Edel Finance Company Ltd — has offloaded a total of 25.50 lakh shares or 7.14 per cent, collectively, in Mumbai-based Nuvama Wealth Management, according to multi-deal data. NSE.
The shares were sold in the price range of Rs 6,854.15-6,941.30 each, taking the total value to Rs 1,759.44 crore.
Meanwhile, Kotak Mutual Fund acquired 2.71 lakh shares, equivalent to 0.8 percent of Nuvama Wealth Management. The shares were picked up at an average price of Rs 6,851 per piece.
This took the deal value to Rs 185.78 crore.
Details of other buyers of Nuvama Wealth Management shares could not be identified from the NSE.
In October, Sebi issued an administrative warning to Nuvama Wealth regarding the regulator’s probe into the company’s merchant banking activities.
Edelweiss Group Chairman Rashesh Shah sold 4 lakh shares of Nuvama Wealth for Rs 248 crore in August this year. In addition, another investor, Venkatchalam Ramaswamy, also sold his holdings in the company earlier.
Shares of Nuvama Wealth Management on Thursday fell 5.05 percent to settle at Rs 6,928.65 apiece on the NSE.
