Nuvama Wealth shares rise 4% amid block deal buzz; details here

Shares of Nuvama Wealth Management Ltd surged during the trading session on Friday amid the heavy trading volumes on the back of reported block deals in the company. Heavy volumes on the bourses suggest that the block deal has been executed but Business Today independently could not ascertain the details of buyers.
 

Edel Finance Company and Ecap Equities were to sell a combined 6.4 per cent equity stake in Nuvama Wealth Management through block deals, according to the media reports citing sources. The floor price for the transaction was to be set at Rs 6,445 per share, sources said. The total block size for the deal was pegged at around Rs 1,464.8 crore, .
 

As of 9.30 am on Friday, as much as 22.14 lakh equity shares of Nuvama Wealth Management amounting to Rs 1,484 crore were traded. Similarly, 0.95 lakh shares of the company, amounting to Rs 66.50 crore exchanged hands on the National Stock Exchange (NSE) at the same time.
 

Following the heavy trading volumes, shares of Nuvama Wealth Management rose 4.32 per cent to Rs 7,057.05 during the session, with a total market capitalization of more than Rs 25,000 crore. The stock had settled at Rs 6,770.25 in the previous trading session on Thursday.
 

Ecap Equities held an 8.44 per cent stake and Edel Finance held a 5.18 per cent stake in Nuvama Wealth as of the quarter ended on June 30, 2024, as per data available on the stock exchanges. The sellers would face a 75-day lockup period on any further sales of shares, ensuring stability in the stock price post-transaction.