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    HomeNewsBusinessMarketsNuvama Wealth block trade: Edelweiss Group entities launch around $204 mn deal eyeing complete exit

    Nuvama Wealth block trade: Edelweiss Group entities launch around $204 mn deal eyeing complete exit

    Both the entities hold a combined stake of 7.32 per cent. Back in September, both entities had sold 6.2 per cent stake in an earlier block trade.

    Ashwin Mohan
    December 11, 2024 / 19:35 IST
    Nuvama Wealth Block trade

    Nuvama Wealth Block trade

     
     
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    Two Edelweiss group entities, namely E Cap Equities and Edel Finance Company have launched a block deal of around $204 million, seeking a complete exit from PAG-backed Nuvama Wealth Management, multiple industry sources in the know told Moneycontrol.

    Both the entities hold a combined stake of 7.32 per cent. Back in September, both entities had sold 6.2 per cent stake in an earlier block trade.

    "This is intended to be a clean out trade and the floor price is Rs 6,800 per share," said one of the persons above. A second person added that investment bank Jefferies was acting on the proposed transaction.

    At the end of day's trade on November 11, shares of Nuvama Wealth Management were flat.

    Rashesh Shah, Chairman of Edelweiss Group and Jefferies were unavailable for an immediate comment.

    (This is a breaking story, will be updated shortly.)

    Ashwin Mohan
    Ashwin Mohan is Editor (Deals) at Moneycontrol and leads the M&A, private equity and equity capital market transactions coverage. He anchors the video show 'Deal Central ' and tweets at @ashwinmohansays. He has previously worked with ET NOW, CNBC TV-18 and The Times of India.
    first published: Dec 11, 2024 07:22 pm

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