Blackstone-backed PAG mulls sale of $1.2 bn stake in Nuvama

Industry:    3 months ago

Asian private equity firm PAG is considering options that may lead to a sale of its majority stake in Mumbai-listed Nuvama Wealth Management Ltd., according to people familiar with the matter.

Blackstone Inc.-backed PAG is working with financial advisers on a strategic review of its more than 54% stake in the Indian wealth manager, the people said, asking not to be identified because the deliberations are private. That could result in a partial or full sale, the people said.

Nuvama shares have dropped about 19% this year, giving the company a market value of $2.3 billion. Still, the stock has surged 114% since the firm’s listing in September 2023. India’s stock market benchmark BSE Sensex is down about 4.5% in 2025 after nine consecutive years of gains.

Considerations are at a preliminary stage and PAG may decide against a sale, the people said. Other financial services firms including global asset managers have expressed preliminary interest in Nuvama, the people said.

A representative for PAG declined to comment, while Nuvama didn’t immediately respond to a request seeking comment during a holiday.

Nuvama provides wealth, asset management, capital markets and advisory services, according to its website. Its clients include entrepreneurs, promoters, high- and ultra-high-net-worth individuals, corporate and institutional investors.

PAG invested about $325 million for a controlling stake in Nuvama, formerly known as Edelweiss Wealth Management, in 2021.

print
Source: