The Board of Edelweiss Financial Services Limited (NSEI:EDELWEISS) announced the spin off of 30% stake of Nuvama Wealth Management on February 24, 2023. Edelweiss Financial Services Ltd (EFSL) has received the shareholders’ approval for the proposed demerger. On the Scheme becoming effective, NWML will allot 1,05,28,746 equity shares of the face value of Rs 10 each to the shareholders of EFSL (as on the record date) on proportionate basis as a consideration for demerger.

As of May 2, 2023, the transaction is approved by National Company Law Tribunal. As of May 12, 2023, the Edelweiss Financial Services Limited has received the certified copy of the order of the Hon’ble National Company Law Tribunal, Mumbai Bench sanctioning the scheme. As of May 18, 2023, the record date has been set at June 2, 2023.

Edelweiss Financial intends to list Nuvama Wealth Management.