Two subsidiaries of Edelweiss Financial Services Ltd. offloaded a combined stake of 7.2% in Nuvama Wealth Management Ltd. for Rs 1,759.4 crore on Thursday, according to the bulk deal data on the National Stock Exchange.
At the same time, Kotak Emerging Equity Scheme spent approximately Rs 185.8 crore for acquiring a 0.76% stake in the wealth management company. It bought 2.71 lakh shares for Rs 6,851 apiece.
ECap Equities Ltd. sold approximately 12.2 lakh shares or a 3.43% stake in Nuvama Wealth Management for Rs 6,854.15 apiece, which aggregated to approximately Rs 833.2 crore. Edel Finance Co.'s 3.77% equity sale fetched it about Rs 926.3 crore when it offloaded 13.4 lakh shares at Rs 6,941.3 apiece.
In September Edelweiss Services had sold a stake worth Rs 1,481.2 crore in Nuvama Wealth through open market transactions via its subsidiaries.
At that time, ECap Equities had offloaded approximately 17.1 lakh shares of Nuvama Wealth, while Edel Finance had sold 5 lakh shares, amounting to a total of 6.24% stake. The shares were offloaded at an average price of Rs 6,702.6 apiece.
In August, Edelweiss Financial Chairperson Rashesh Chandrakant Shah had sold 4 lakh shares for Rs 6,204.51 apiece, aggregating to a little over Rs 248.2 crore.
Shares of Nuvama Wealth Management Ltd. closed 4.82% lower at Rs 6,945.40 apiece on the NSE, compared to a 0.38% decline in the benchmark Nifty.
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