ETMarkets Management Talk-Nuvama Wealth hopes to get listed on stock exchanges by mid-September: MD Ashish Kehair
MUMBAI — Nuvama Wealth Management, the demerged wealth management business of Edelweiss Financial Services, hopes to get listed on the bourses by mid of September, said Ashish Kehair, MD & CEO, Nuvama Group.
The company has filed the application for listing with the stock exchanges, and is currently in the process of obtaining the required approvals and clearances.
“We anticipate the listing of NWML shares to take place between the end of August and mid-September 2023, subject to regulatory approvals,” Kehair said in an interview with ETMarkets. Edited excerpts:
What’s the status of the demerger process as Edelweiss already has NCLT approval?The demerger process was successfully completed following the approval from National Company Law Tribunal (NCLT) on April 27, 2023, which came into effect on May 18, 2023.
Shareholders of Edelweiss Financial Services have received their allotted shares of Nuvama Wealth Management, making them shareholders of Nuvama.
We have filed the listing applications with the stock exchanges and SEBI which are currently under process.
By when can we expect the listing of Nuvama Wealth Management?
We have filed listing applications with the stock exchanges and are currently in the process of obtaining the required approvals and clearances.
We anticipate the listing of NWML shares to take place between the end of August 2023 and mid-September 2023, subject to regulatory approvals.
Post demerger, how will the ownership structure look like?Post demerger, PAG, along with its affiliate, continues to hold a majority stake of 56.2%, while Edelweiss through its subsidiaries, has retained 13.74% stake. The remaining 30% is held by the shareholders of Edelweiss Financial Services as on the record date.
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