The business was earlier known as Edelweiss Wealth Management. In 2020, PAG had invested in the wealth management business of Edelweiss Financial, and the company had then announced the demerger and subsequent listing of the business.
“The company’s focus has been on long-term value creation and the demerger is aimed at providing the shareholders with an opportunity to directly participate in Nuvama’s growth journey in addition to EFSL’s journey,” the non-bank financial company said in a release.
On the demerger scheme being effective, Nuvama Wealth will allot 1,05,28,746 equity shares of face value Rs 10 each to shareholders of Edelweiss Financial on a proportionate basis.
After listing, Edelweiss Financial will continue to hold 14% stake in Nuvama Wealth, while PAG will hold 56% stake. The shareholders of Edelweiss Financial will hold 30% of the paid-up share capital.
Being one of the leading wealth management platforms, Nuvama had an AuA of Rs 2.25 lakh crore and 10.35 lakh customers as of December.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
