Morgan Stanley, Goldman Sachs, and Smallcap Fund Buy Nuvama Shares Worth ₹1,235 Crore in Major Block Deal
On Friday, Nuvama Wealth Management saw big investors like Morgan Stanley, Goldman Sachs, and Smallcap World Fund Inc purchase shares worth ₹1,235 crore through block deals.
- Morgan Stanley bought 3.42 lakh shares for ₹229 crore.
- Goldman Sachs acquired 3.24 lakh shares for ₹218 crore.
- Smallcap World Fund Inc purchased 11.75 lakh shares worth ₹788 crore.
All these purchases were made at a price of ₹6,702.60 per share.
Morgan Stanley made the buy through its Singapore branch, while Goldman Sachs did it via its India Equity Portfolio.
The shares were sold by Edel Finance Company and Ecap Equities. Edel Finance sold 5 lakh shares for ₹335 crore, while Ecap Equities off-loaded over 17.09 lakh shares for ₹1,146 crore.
As of June 2024, Ecap Equities held an 8.44% stake in the company, and Edel Finance had 5.18%. Nuvama’s promoter group owns 55.68% of the company, while the remaining 44.32% is with public shareholders.
On the same day, Nuvama’s stock surged 4.3% to ₹7,057.05. The shares have risen by 45% in the past 6 months and 39.5% over the last 3 months.
From a technical perspective, the stock is performing well, staying above all key moving averages (10, 20, 50, 100, and 200-day averages).
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