Nuvama Wealth Management would allot 1,05,28,746 equity shares of the face value of Rs. 10 each to the shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger. 
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Nuvama Wealth Management would allot 1,05,28,746 equity shares of the face value of Rs. 10 each to the shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger. Shares of Edelweiss Financial Services extended recent gains, jumping 5 per cent in Monday's trade after the scrip got adjusted for the demerger of wealth management business of the NBFC. The stock rose 5 per cent to hit a high of Rs 43.05 on BSE over Friday's adjusted closing price of Rs 41.
Shares of Edelweiss Financial Services got adjusted for demerger on Friday. Friday was also the record date for determining eligible shareholders of Edelweiss Financial Services, who would receive shares of Nuvama Wealth management when the latter gets listed on bourses. The effective date of the scheme as notified to the exchanges was May 18.
Nuvama Wealth Management would allot 1,05,28,746 equity shares of the face value of Rs. 10 each to the shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger. After listing, the shareholders of Edelweiss Financial Services would hold 30 per cent of the paid‐share capital of Nuvama Wealth Management.
In a filing to May 18, Edelweiss said: "This brings Edelweiss closer to the stated objective of value unlocking, thereby providing shareholders an opportunity to directly participate in Nuvama’s growth journey in addition to EFSL’s journey."
In a presentation last week, Edelweiss Financial Services said Nuvama Wealth Management is now an independent business with a focused strategy and the flexibility to attract business-specific partners and investors
For shareholders, Edelweiss said it would be an opportunity for direct participation in Nuvama’s growth journey in addition to Edelweiss Financial Services' journey.
For Edelweiss, the move is seen enabling strategic alignment towards creating and unlocking value. It is also seen providing capital to Edelweiss Financial Services for future investments.
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