Edelweiss Fin Services sells 6.2% stake in Nuvama Wealth for Rs 1,481 cr

Edelweiss Financial Services on Friday sold a 6.2 per cent stake in financial services company Nuvama Wealth Management for Rs 1,481 crore through open market transactions.

Edelweiss Financial Services, through its two subsidiaries, ECap Equities and Edel Finance Company, sold shares of Nuvama Wealth through separate block deals on the BSE.

ECap Equities offloaded 17.09 lakh shares of Nuvama Wealth Management while Edel Finance Company sold 5 lakh shares, amounting to a total of 6.24 per cent stake in the company.

The shares were offloaded at an average price of Rs 6,702.6 apiece, taking the aggregate deal value to Rs 1,481.21 crore.

At the end of the June quarter, Edel Finance Company held a 5.18 per cent stake in Nuvama Wealth Management, and Ecap Equities owned an 8.44 per cent holding in Mumbai-based Nuvama Wealth Management, BSE data showed.

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