Nuvama Wealth Management Block Deal | 8.4% equity worth ₹2,100 crore changes hands – CNBC TV18

As many as 30 lakh shares, or 8.4% equity, of Nuvama Wealth Management worth ₹2,100 crore changed hands at ₹7,025 per share in block deals.

On Wednesday, December 11, CNBC-TV18 reported citing sources that Edel Finance Company and Ecap Equities were likely to divest a 7.1% stake in Nuvama Wealth management via block deals.

Sources said the stake sale would be valued at around ₹1,734 crore and was being executed as a clean-out trade. The transaction would be priced at ₹6,800 per share, reflecting a 6.8% discount to the company’s closing price on December 11, 2024, sources said.

At the end of the September quarter, Edel Finance and Ecap Equities held 3.74% and 3.58% stake, respectively, in Nuvama Wealth Management, as per data available on the stock exchanges.

On another note, in October, the financial services company 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. 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.

Meanwhile, in September, Edelweiss chief Rashesh Shah confirmed selling stake in Nuvama Wealth to CNBC-TV18, saying the company wants to be asset light and low debt.

As many as 22.1 lakh shares, or 6.2% equity of the company had changed hands in block deals on September 27, 2024.

Shah had told CNBC-TV18 that he had kept 14% stake in Nuvama for Edelweiss’s investment needs and sold slightly less than half of their stake in Nuvama. “We want to be asset light and low debt at Edelweiss,” he said.

Nuvama Wealth Management Ltd shares were trading 4.76% lower at ₹6,949.8 apiece at 9.20 am on Thursday, December 12.

Also Read: Bajaj Housing Finance shareholder lock-in ends today; 12.5 crore shares free up for trade