The report, citing sources familiar with the matter, said the talks have reached a stage where valuation remains the key hurdle.
“It is not clear if both are in agreement on valuations,” a banker familiar with the discussions told Moneycontrol. “The deal is stuck at this stage, and given Nuvama’s recent stock price rally, valuations could be a pain point for the transaction to conclude.”
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The proposed transaction is estimated to be worth around $1.82 billion (approximately ₹17,138 crore) and would provide an exit for Asia-focused investment firm PAG, which has been invested in the company for nearly five years.
According to the report, Morgan Stanley and JPMorgan are advising on the transaction.
General Atlantic declined to comment on the report, while PAG said, “We have no comment on this report.” Nuvama Wealth Management did not respond to Moneycontrol’s queries.
PAG owns a little over 54% of Nuvama Wealth Management, with nearly 63% of its shareholding under encumbrance, according to the report.
Nuvama Wealth Management ended trading on June 29 with a market capitalisation of around ₹32,300 crore.
The report said this is PAG’s second attempt to monetise its investment in the wealth management firm. Earlier efforts reportedly focused on finding a strategic buyer, including private banks, but did not attract significant interest as Nuvama is a listed company.
“The deal seems to be headed the way of a financial investor and at present, the talks with General Atlantic are more or less exclusive… as there is no great interest shown by other investors,” a source involved in the process told Moneycontrol.
Moneycontrol had earlier reported on June 19 that PAG was once again exploring an exit from Nuvama. Previous reports suggested private equity firms, including EQT, CVC Capital and Permira, had shown interest during an earlier sale process before it was put on hold.
According to the report, the process may have been delayed following regulatory action involving US-based trading firm Jane Street, which was barred by the Securities and Exchange Board of India (SEBI) from the Indian market in July 2025. Nuvama was reported to have been Jane Street’s local trading partner.
PAG acquired control of the company from Edelweiss in August 2020 for $325 million and subsequently rebranded it as Nuvama Wealth Management.
