Nuvama Wealth Management stock in focus as PAG explores options to divest 54% stake

PAG acquired a controlling stake in Nuvama Wealth Management in 2021.

Shares of Mumbai-listed Nuvama Wealth Management Ltd. will be closely watched on February 27, as Asian private equity firm PAG is considering options that may lead to a sale of its majority stake, according to people familiar with the matter.

PAG, backed by Blackstone Inc., is collaborating with financial advisers to assess options for its majority stake of over 54 percent in the Indian wealth manager, sources said. Since the discussions are private, they requested anonymity. This review could lead to either a full or partial divestment, they added.

Shares of Nuvama Wealth Management have declined around 19 percent this year, bringing its market capitalization to $2.3 billion. However, the stock has still climbed 114 percent since its market debut in September 2023. India’s benchmark BSE Sensex has fallen approximately 4.5 percent in 2025, following nine straight years of gains.

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The siscussions remain in the early stages, and PAG might ultimately choose not to proceed with a sale, the sources noted. Some global asset managers and other financial services firms have shown initial interest in Nuvama Wealth Management, they added.

A PAG spokesperson declined to comment, while Nuvama Wealth Management did not immediately respond to a request for comment during a holiday.

According to its website, Nuvama Wealth Management offers wealth management, asset management, capital markets, and advisory services. Its clientele includes entrepreneurs, business owners, ultra-high-net-worth individuals, corporations, and institutional investors.

PAG acquired a controlling stake in Nuvama Wealth Management, which was formerly known as Edelweiss Wealth Management, in 2021, after investing approximately $325 million.

For the December quarter of FY25, Nuvama reported Rs 723 crore in revenue, marking a 30 percent on-year jump compared to Rs 558 crore reported during the same quarter last year. The financial services company's net profit climbed 43 percent YoY to Rs 252 crore.

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