Edelweiss Financial Services said Nuvama Wealth Management is now an independent business with a focused strategy and the flexibility to attract business-specific partners and investors.
Edelweiss Financial Services: Nuvama will allot 1,05,28,746 equity shares of the face value of Rs. 10 each to the shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger.
Edelweiss CEO Rashesh Shah said the transaction is as per the agreement signed in Aug 2020 when PAG had picked up 61.5% for around ₹2,366 cr and the price paid today for the 5.3% stake is the same it was sold to them last year