Block Deals: Edel Finance, Ecap Equities likely to sell 7.1% stake in Nuvama Wealth for ₹1,734 crore – CNBC TV18
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The stake sale is valued at approximately ₹1,734 crore and is being executed as a clean-out trade, the sources told CNBC-TV18. The transaction is priced at ₹6,800 per share, reflecting a 6.8% discount to the company’s closing price on December 11, 2024, the sources added.
In October this year, Nuvama Wealth Management said it had been issued an administrative warning by the Securities and Exchange Board of India (SEBI) following an inspection related to its merchant banking operations.
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“…we hereby inform you that SEBI has issued an administrative warning in connection with the inspection carried out for the Merchant Banking activities of the company,” the company said in a stock exchange filing.
The warning, delivered on October 7, 2024, pertains to observations under Regulation 24(3) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, concerning Initial Public Offerings (IPOs) for which Nuvama served as the lead manager.
Despite the warning, the company has indicated that there is no material impact on its financials, operations, or other activities. “There is no material impact on the financials, operations, or other activities of the Company,” it said.
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Shares of Nuvama Wealth Management Ltd ended at ₹7,306.95, down by ₹54.90, or 0.75% on the BSE.
