India's Nuvama rises after media report says private equity groups vying for controlling stake

Hong Kong Economic Times Holdings

07/07/2025 11:04

Adds closing levels, HSBC's comment

** India's Nuvama Wealth Management NUVA.NS up 3.25% to 7,497 rupees
** Private equity buyout groups CVC Capital Partners CVC.AS, Permira and EQT are separately talking with PE firm PAG to buy its controlling stake in NUVA, Economic Times reports

** HSBC also in talks, in a buyout that could be worth $1.6 billion, report says
** The four contenders have been shortlisted, report adds
** CVC CVC.AS, EQT, PAG and Nuvama did not immediately respond to Reuters' request for comment; Permira and HSBC declined to comment
** Report adds due diligence is ongoing with an aim to submit binding bids by July-end, a deadline that may be difficult to meet
** NUVA closed more than 11% lower on Friday after India's markets regulator barred trading firm Jane Street from the local securities market

** NUVA is Jane Street's India trading partner
** Shares up 7.3% YTD

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))