Nuvama Wealth’s 6.2% equity change hands; stock zooms ~4%

27 Sep 2024 , 02:34 PM

On Friday, September 27, up to 22.1 lakh shares, or 6.2% of Nuvama Wealth Management’s equity, changed hands in block sales.

According to sources, Edel Finance Company and Ecap Equities planned to sell a combined 6.4% equity stake in Nuvama Wealth Management in block agreements on Thursday, September 26.

According to sources, the transaction will have a floor price of ₹6,445 per share. The deal had a total block size of about ₹1,464.8 Crore.

According to stock exchange records, Ecap Equities owned 8.44% of Nuvama and Edel Finance owned 5.18% of it at the end of the June quarter.

The sellers would face a 75-day lockup clause on any future share transactions, ensuring that the stock price remained stable following the transaction. This high-profile sale illustrates institutional investors’ increased interest in the wealth management sector, as they reposition their portfolios to maximum returns.

Rashesh Shah and Venkatchalam Ramaswamy, the owners of Edelweiss Financial Services, sold a portion of their Nuvama stock in late August. The actual number of shares sold and the selling price were not disclosed.

As of the conclusion of the June quarter, Ramaswamy owned 1.79% of Nuvama, while Shah owned 4%. 

At around 11.06 AM, Nuvama Wealth was trading 3.58% higher at ₹7,206.50 per share, against the previous close of ₹6,783 on NSE. The counter touched an intraday high and low of ₹7,074, and ₹6,860, respectively.

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