Equity firm PAG considering sale of $1.2 billion stake in India's Nuvama

By Baiju Kalesh and Manuel Baigorri  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 per cent 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 per cent this year, giving the company a market value of $2.3 billion. Still, the stock has surged 114 per cent since the firm’s listing in September 2023. India’s stock market benchmark BSE Sensex is down about 4.5 per cent 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.