New Delhi: Rashesh Shah promoted Edelweiss Financial Services on Thursday and trimmed its holding by divesting a 7.14 per cent stake through an open market transaction in Nuvama Wealth Management for Rs 1,759 crore. Nuvama Group (formerly Edelweiss Wealth Management) is a listed entity. Edelweiss Financial Services, through its two affiliates -- Ecap Equities Ltd and Edel Finance Company Ltd -- offloaded a total of 25.50 lakh shares or 7.14 per cent stake, collectively, in Mumbai-based Nuvama Wealth Management, as per the bulk deal data on the NSE.
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Edelweiss Financial Services divests 7.14% stake in Nuvama Wealth Management for ₹1,759 crore via open market, while Nuvama shares drop 5% on NSE.
The shares were sold in the price range of Rs 6,854.15-6,941.30 apiece, taking the combined value to Rs 1,759.44 crore. Meanwhile, Kotak Mutual Fund acquired 2.71 lakh shares, amounting to a 0.8 per cent stake in Nuvama Wealth Management. The shares were bought at an average price of Rs 6,851 per piece, taking the deal value to Rs 185.78 crore. However, the identities of the other buyers of Nuvama Wealth Management's shares remain unidentified on the NSE.
Sebi Issues Warning to Nuvama Wealth; Shares Drop 5% Following Stake Sales by Top Investors
In October, Sebi issued an administrative warning to Nuvama Wealth concerning an inspection carried out by the regulator on 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. Further, another investor, Venkatchalam Ramaswamy, also sold his holdings in the company earlier. Shares of Nuvama Wealth Management on Thursday declined 5.05 per cent to settle at Rs 6,928.65 apiece on the NSE.
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