Edelweiss Financial Services Ltd (EFSL) has received the shareholders' approval for the proposed demerger of its Wealth Management business, paving the way for the listing of Nuvama Wealth Management Limited (NWML). The business was earlier known as Edelweiss Wealth Management.
In 2020, PAG had invested in the Wealth Management business of Edelweiss and the Company had announced the demerger and subsequent listing of its wealth management business. The Company's focus has always 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 approval of the equity shareholders received today is another step in that direction.
On the Scheme becoming effective, NWML will allot 1,05,28,746 equity shares of the face value of Rs 10 each to the shareholders of EFSL (as on the record date) on proportionate basis as a consideration for demerger. After listing, Edelweiss would continue to hold 14% in NWML and the shareholders of EFSL would hold 30% of the paid- share capital. PAG would hold 56% in NWML.
Nuvama is India's leading and preferred wealth management platform for affluent, HNI, UHNI segments with AuA ~INR 2,25,000 Cr and ~10.35 lakh customers as on Dec 22.
Shares of Edelweiss Financial Services Limited was last trading in BSE at Rs. 64.00 as compared to the previous close of Rs. 63.90. The total number of shares traded during the day was 69842 in over 801 trades.
The stock hit an intraday high of Rs. 64.50 and intraday low of 62.70. The net turnover during the day was Rs. 4435308.00.