Nuvama Wealth to acquire 26% stake in Pickright, making it wholly owned
Nuvama Wealth Management Ltd announced board approval for several key decisions. These include the unaudited financial results for Q1 FY27, re-appointment of two independent directors, and an enabling resolution to raise funds up to ₹500 Crores via Non-convertible Debentures. A significant move is the approval to acquire an additional 26% stake in its subsidiary, Pickright Technologies Private Limited, which will make Pickright a wholly owned subsidiary. Additionally, the company plans to invest up to ₹100 Crores in its wholly owned subsidiary, Nuvama Asset Management Limited. The board meeting concluded with these approvals.
Key Highlights
- Board approved acquisition of 26% stake in Pickright Technologies.
- Pickright Technologies will become a wholly owned subsidiary post-acquisition.
- Company to raise up to ₹500 Crores via Non-convertible Debentures.
- Investment of up to ₹100 Crores planned for Nuvama Asset Management.
- Unaudited financial results for Q1 FY27 were considered.
Price Impact
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