Block Deal Summary: On September 27, a significant block deal took place involving Nuvama Wealth Management. A total of 2.21 million shares, representing 6.2% of the company’s equity, were sold. The market reacted positively to this transaction, resulting in a more than 4% increase in the share price. Following this surge, some investors capitalized on the upward momentum and took profits, yet the stock still maintains a solid performance. Currently, the share price for Nuvama Wealth on the Bombay Stock Exchange (BSE) stands at ₹6,961.70, reflecting a gain of 2.83%. Intraday trading saw a peak of ₹7,057.05, marking a 4.24% jump.
Buyer and Seller Insights
Details regarding the parties involved in the purchase and sale of Nuvama Wealth shares during this block deal remain undisclosed. However, reports from CNBC-TV18 indicate that Edel Finance Company and Ecap Equities were looking to offload a combined 6.4% stake, valued at approximately ₹1,464.8 crore. As of the last quarter ending in June, Ecap Equities held an 8.44% stake while Edel Finance held 5.18%. It’s important to note that any further shares these entities might wish to sell will be subject to a lock-in period of 75 days after the initial sale.
Recent Stake Reduction
In August, founders of Edelweiss Financial Services, Rashesh Shah and Venkatchalam Ramaswamy, also reduced their holdings in Nuvama Wealth. The exact number of shares sold was not disclosed, but as of the end of the June quarter, Shah owned 4% of the company’s shares while Ramaswamy held 1.79%.
Historical Performance of Nuvama Wealth Shares
Nuvama Wealth shares have proven to be a lucrative investment over the past year. On October 5, 2023, the stock hit a one-year low at ₹2,111. Since that point, it has recorded a remarkable growth of over 236%, reaching a peak of ₹7,100.00 on September 24, 2024, the highest level in its history. Currently, the share price is approximately 2% below this all-time high, indicating a robust performance trajectory.
Annual Performance Overview
| Date | Price (₹) | Yearly Change (%) |
|---|---|---|
| October 5, 2023 | 2,111 | – |
| September 24, 2024 | 7,100 | +236% |
| Current Price | 6,961.70 | -2% |
