Nuvama Wealth block trade: Edelweiss Group entities launch around $204 mn deal eyeing complete exit

Two Edelweiss group entities, namely E Cap Equities and Edel Finance Company have launched a block deal of around $204 million, seeking a complete exit from PAG-backed Nuvama Wealth Management, multiple industry sources in the know told Moneycontrol.

Both the entities hold a combined stake of 7.32 per cent. Back in September, both entities had sold 6.2 per cent stake in an earlier block trade.

"This is intended to be a clean out trade and the floor price is Rs 6,800 per share," said one of the persons above. A second person added that investment bank Jefferies was acting on the proposed transaction.

At the end of day's trade on November 11, shares of Nuvama Wealth Management were flat.