12 Dec , 2024 By : Debdeep Gupta
Shares of Nuvama Wealth Management worth Rs 2,100 crore were sold in a block deal on the exchanges on December 12 with two Edelweiss group entities--Edel Finance Company and Ecap Equities being the likely sellers. Around 30 lakh shares, making up an 8.4 percent stake in Nuvama Wealth, changed hands at an average price of Rs 7,025 per share, a near 4 percent discount from Wednesday's close.
Following the block deal, shares of Nuvama Wealth Management tanked over 6 percent in opening trade. At 09.18 am, shares of Nuvama Wealth were trading at Rs 6,959 on the NSE.
While The Source could not immediately identify the parties involved in the transaction, we had reported on December 11, citing sources that Edel Finance Company and Ecap Equities were cumulatively looking to offload a 7.32 percent stake in the wealth management company, as part of a cleanout trade. The two parties aimed to raise a total of around $204 million from the stake sale.
This isn't the first time that the two entities have sold off shares of Nuvama Wealth. Back in September, both entities had sold another 6.2 percent stake in the company through an earlier block trade.
As of the September quarter-end, Edel Finance Company held a 3.74 percent stake in the wealth management firm, while Ecap Equities owned 3.58 percent, a fall from their holdings of 5.18 percent and 8.44 percent, respectively, at the end of the June quarter.
Back in late August, Edelweiss Financial Services' founders, Rashesh Shah, and Venkatchalam Ramaswamy, also offloaded portions of their stakes in Nuvama Wealth, the exact quantum of which was unknown.
As of the end of the September quarter, Ramaswamy held a 1.31 percent stake in Nuvama Wealth, while Shah owned 2.49 percent equity.
0 Comment