Edelweiss Financial Services’ board to meet shareholders on wealth management arm demerger

Edelweiss Financial Services will hold a meeting with shareholders on February 24 on the demerger of its wealth management arm Edelweiss Securities. The Mumbai-based financial services firm plans to demerge Edelweiss Wealth Management from holding company Nuvama Wealth Management, formerly known as Edelweiss Securities.

Edelweiss Financial Services shares largely struggled below the flatline on Tuesday. The stock was last quoting lower by Re 1.4 or two per cent to Rs 67.9 apiece on BSE.

On January 12, 2023, the National Company Law Tribunal (NCLT) — which deals with insolvency and company disputes, handles corporate matters such as mergers — directed Edelweiss to convene a meeting of equity shareholders to approve to proposed demerger arrangement.

Here are some key details to know about the Edelweiss Financial Services board's meeting with shareholders:

Time

The meeting will be held through video conferencing at 4:00 pm, the financial services firm said in a regulatory filing on Monday, January 23.

E-voting schedule

The company will take shareholders' votes into account though e-voting, to be held from February 20 to February 23.

Cut-off date

The cut-off date is February 18, 2023, according to the filing.

How to participate in e-voting

Eligible shareholders will be able to cast their votes electronically using depository NSDL's e-voting system. Here's how to participate in the voting process:

Edelweiss Financial Services stock history

Shares of Edelweiss Financial Services were flat with a positive bias in the last one year, it has gained more than 21 per cent in the six months and up over 10 per cent in the last one month. On Tuesday, the stock was down 1.5 per cent to Rs 68.2 per share on the BSE intraday around 01:00 PM.