Tuesday marked the debut of Nuvama Wealth Management, previously known as Edelweiss Securities, on the National Stock Exchange (NSE) and BSE. The shares began trading at ₹2,750 on NSE and ₹2,699 on BSE before hitting an upper circuit of 5% at ₹2,833.90. However, they then experienced a significant drop. The stock has been listed in the trade-to-trade or 'T' segment, which prohibits intra-day trading.
Nuvama Wealth Management reported a net profit of ₹323 crore (INR100 crore = approx. $12 million) for the fiscal year ending March 31, 2023. The company plans to expand its assets under management (AUM) from its current ₹2.25 lakh crore to ₹6 lakh crore by FY 2027-28.
Following its spin-off from Edelweiss Financial (NS: EDEL ) Services, Nuvama Wealth Management distributed 1.05 crore shares proportionately among Edelweiss Financial Services ' shareholders. During the first ten trading sessions, the circuit filter for this stock will be limited to a maximum of 5% on either side.
The investment firm PAG acquired a controlling stake of 56% in Nuvama Wealth Management in 2020 when it was still a wealth management business of Edelweiss Financial Services. After the acquisition, PAG announced the demerger and subsequent listing of Edelweiss Securities.
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