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Nuvama Wealth Management reported a net profit of ₹323 crore (INR100 crore = approx. $12 million) for the fiscal year ending March 31, 2023. The company plans to expand its assets under management (AUM) from its current ₹2.25 lakh crore to ₹6 lakh crore by FY 2027-28.
Following its spin-off from Edelweiss Financial Services, Nuvama Wealth Management distributed 1.05 crore shares proportionately among Edelweiss Financial Services’ shareholders. During the first ten trading sessions, the circuit filter for this stock will be limited to a maximum of 5% on either side.
The investment firm PAG acquired a controlling stake of 56% in Nuvama Wealth Management in 2020 when it was still a wealth management business of Edelweiss Financial Services. After the acquisition, PAG announced the demerger and subsequent listing of Edelweiss Securities.
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