Capital Group, Goldman Sachs and Morgan Stanley are among the buyers of Nuvama Wealth Management Ltd.'s shares after Edel Finance Co. pared stake via open market transactions on Friday.
The Edelweiss Financial Services Ltd. subsidiary directly and through an affiliate sold over 22 lakh shares or 6.24% equity for Rs 1,481 crore, according to the BSE block deal data. The firm had a 5.18% stake and its arm, Ecap Equities Ltd., held another 8.44% in Nuvama as of June.
Buyers include US-based Capital Group affiliate Smallcap World Fund Inc., which acquired 11.75 lakh shares or 3.32% equity for Rs 788 crore; Morgan Stanley Asia bought a 0.96% stake for Rs 229 crore; and Goldman Sachs purchased a 0.91% stake for Rs 217 crore.
The shares were traded at Rs 6,702.6 apiece.
Nuvama offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organisations and investment companies in India.
Shares of Nuvama Wealth closed 0.99% higher at Rs 6,837.15 apiece on the BSE, compared to a 0.3% decline in the benchmark Sensex. The share price has risen 175.7% in the last 12 months and 90.61% on a year-to-date basis.
Four out of the five analysts tracking Nuvama have a 'buy' rating on the stock and one suggests 'sell', according to Bloomberg data. The average 12-month analyst price target of Rs 6,837 is on par with the current level.
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