Edelweiss Financial Services on Friday received shareholders’ approval for the proposed demerger of its wealth management business. This paves the way for the listing of Nuwama Wealth Management Limited (NWML).
Previously, business was known as edelweiss Money Management.
Under the demerger plan, NWML will allot equity shares of face value 1,05,28,746. to the shareholders of Edelweiss Financial as consideration for the demerger on a 10:10 ratio basis.
post it EntryEdelweiss will continue to hold 14% of NWML and shareholders of EFSL will hold 30% of the paid-up share capital. PAG will hold 56% stake in NWML.
PAG had invested in the wealth management business of Edelweiss in 2020 after the company announced the demerger and subsequent listing of its wealth management business.
Edelweiss is focused on long-term value creation and the demerger aims to provide shareholders with an opportunity to directly participate in the growth journey of Nuwama, apart from the journey of EFSL.
As on December 31, 2022, Nuvama is India’s leading and preferred Wealth Management Platform for Prosperous, HNI and UHNI segments with AUA. 2,25,000 crore and ~10.35 lakh customers.
On BSE, shares of Edelweiss Financial closed at Rs. 64 each flat as compared to the previous day’s closing 63.90 each. The company’s market cap is around 6,036 crores.
Edelweiss Group is one of India’s leading diversified financial services companies, providing a wide range of financial products and services to a substantial and diverse client base comprising corporates, institutions and individuals.
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