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"Although TVS Supply Chain Solutions is a leading supply chain management company, it operates in a highly competitive industry and has reported losses in the past two years. Additionally, the valuation of the IPO was also very high," said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart.
The demerger process was successfully completed following the approval from National Company Law Tribunal (NCLT) on April 27, 2023, which came into effect on May 18, 2023. Shareholders of Edelweiss Financial Services have received their allotted shares of Nuvama Wealth Management, making them shareholders of Nuvama.
As per the DRHP, the proceeds from the issue will be utilized to the extent of Rs 463.90 crore for repayment, in full or in part, of borrowings availed from banks by the company and material subsidiary and for general corporate purposes