Rashesh Shah promoted Edelweiss Monetary Providers on Thursday trimmed its holding by divesting a 7.14 per cent stake by an open market transaction in Nuvama Wealth Administration for Rs 1,759 crore.
Nuvama Group (previously Edelweiss Wealth Administration) is a listed entity.
Edelweiss Monetary Providers by its two associates — Ecap Equities Ltd and Edel Finance Firm Ltd — offloaded a complete of 25.50 lakh shares or 7.14 per cent stake, collectively, in Mumbai-based Nuvama Wealth Administration, as per the majority deal knowledge on the NSE.
The shares had been offered within the worth vary of Rs 6,854.15-6,941.30 apiece, taking the mixed worth to Rs 1,759.44 crore.
In the meantime, Kotak Mutual Fund acquired 2.71 lakh shares, amounting to a 0.8 per cent stake in Nuvama Wealth Administration. The shares had been picked up at a median worth of Rs 6,851 per piece.
This took the deal worth to Rs 185.78 crore.
Particulars of the opposite patrons of Nuvama Wealth Administration’s shares couldn’t be recognized on the NSE.
In October, Sebi issued an administrative warning to Nuvama Wealth pertaining to the inspection carried out by the regulator on the corporate’s service provider banking actions.
Edelweiss Group Chairman Rashesh Shah offered 4 lakh shares of Nuvama Wealth for Rs 248 crore in August this 12 months. Additional, one other investor, Venkatchalam Ramaswamy, additionally offered his holdings within the firm earlier.
Shares of Nuvama Wealth Administration on Thursday declined 5.05 per cent to settle at Rs 6,928.65 apiece on the NSE.
