Edelweiss Gets Shareholders' Approval For Demerger Of Wealth Management Business Paving Way For Listing

Earlier, the business was known as Edelweiss Wealth Management.

Under the demerger plan, NWML will allot 1,05,28,746 equity shares having a face value of ₹10 each to the shareholders of Edelweiss Financial on a proportionate basis as consideration for demerger.

Post the listing, Edelweiss would continue to hold 14% of NWML and the shareholders of EFSL would hold 30% of the paid-share capital. PAG would hold 56% of NWML.

PAG, in 2020, had invested in the Wealth Management business of Edelweiss and the company announced the demerger and subsequent listing of its wealth management business.

Edelweiss focuses on long-term value creation and the demerger is aimed at providing the shareholders with an opportunity to directly participate in Nuvama’s growth journey in addition to EFSL’s journey.

As of December 31, 2022, Nuvama is India’s leading and preferred wealth management platform for affluent, HNI, and UHNI segments with AuA ₹2,25,000 crore and ~10.35 lakh customers.

On BSE, Edelweiss Financial's share price closed at ₹64 apiece flat compared to the previous day's closing of ₹63.90 apiece. The company's market cap is nearly ₹6,036 crore.

Edelweiss Group is one of India's leading diversified financial services companies, providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals.