Edelweiss Sells 7.14% Stake in Nuvama Wealth for Rs 1,759 cr

New Delhi, Dec 12 (PTI) Rashesh Shah promoted Edelweiss Financial Services on Thursday trimmed its holding by divesting a 7.14 per cent stake through an open market transaction in Nuvama Wealth Management for Rs 1,759 crore.

Nuvama Group (formerly Edelweiss Wealth Management) is a listed entity.

Edelweiss Financial Services through its two affiliates -- Ecap Equities Ltd and Edel Finance Company Ltd -- offloaded a total of 25.50 lakh shares or 7.14 per cent stake, collectively, in Mumbai-based Nuvama Wealth Management, as per the bulk deal data on the NSE.

The shares were sold in the price range of Rs 6,854.15-6,941.30 apiece, taking the combined value to Rs 1,759.44 crore.

Meanwhile, Kotak Mutual Fund acquired 2.71 lakh shares, amounting to a 0.8 per cent stake in Nuvama Wealth Management. The shares were picked up at an average price of Rs 6,851 per piece.

This took the deal value to Rs 185.78 crore.

Details of the other buyers of Nuvama Wealth Management's shares could not be identified on the NSE.

In October, Sebi issued an administrative warning to Nuvama Wealth pertaining to the inspection carried out by the regulator on the company's merchant banking activities.

Edelweiss Group Chairman Rashesh Shah sold 4 lakh shares of Nuvama Wealth for Rs 248 crore in August this year. Further, another investor, Venkatchalam Ramaswamy, also sold his holdings in the company earlier.

Shares of Nuvama Wealth Management on Thursday declined 5.05 per cent to settle at Rs 6,928.65 apiece on the NSE.