Nuvama Wealth Management has intimated the stock exchanges regarding the publication of advertisements in newspapers intimating the dispatch of its Postal Ballot Notice. The advertisements were published on July 2, 2026, in The Financial Express (all India editions) and Navshakti (all editions). The notice seeks shareholder approval for the Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026 (ESAR 2026) and special resolutions to revise the remuneration of Mr. Ashish Kehair, Managing Director and Chief Executive Officer, and Mr. Shiv Sehgal, Executive Director.

The ESAR 2026 aims to incentivize eligible employees across the company, its subsidiaries, and associate companies by granting up to 1,37,00,000 ESARs, representing approximately 7.5% of the current outstanding paid-up share capital. The settlement is linked to the appreciation component rather than the full value of the underlying equity shares, with an estimated dilution of approximately 3.0% to 3.5% based on an assumed annual share price appreciation of 25%. The grant horizon is approximately 4 to 5 years, with vesting periods ranging from 1 to 6 years and an exercise period of 1 to 5 years.

The pricing formula for the ESARs will be equal to the market price of the equity shares, subject to a discount of up to 10% as determined by the Nomination and Remuneration Committee. The scheme is compliant with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Key Details of ESAR 2026

For Mr. Kehair, the revised remuneration includes a salary not exceeding ₹5.50 crores per annum and a performance bonus of up to 3 times the salary. For Mr. Sehgal, the revised remuneration includes a salary not exceeding ₹4 crores per annum and a performance bonus of up to 3 times the salary. The Board has authorized annual increments not exceeding 12% of the salary for both executives during their tenure.

MUFG Intime India Private Limited has been engaged as the Registrar and Share Transfer Agent to facilitate the remote e-voting process. The scrutinizer for the postal ballot process is CS Nilesh Shah or CS Mahesh Darji or CS Hetal Shah of M/s. Nilesh Shah and Associates. The notice was dispatched electronically on July 1, 2026, to members whose email addresses were registered as on the cut-off date of June 25, 2026.

Nuvama Wealth Management disclosed that its promoters and promoter group members have not created any encumbrance on their shareholding during the financial year ended March 31, 2026. The declaration confirms that no direct or indirect charges were created on the shares held by these entities, other than those already disclosed to the exchanges.

The filing was made pursuant to Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation requires listed companies to disclose any encumbrance created by promoters or persons acting in concert on their shareholding.

The declaration was submitted on behalf of two entities. PAGAC Ecstasy Pte Ltd is classified as a Promoter, while Asia Pragati Strategic Investment Fund is classified as a member of the Promoter Group.

Details of Promoters and Promoter Group

The disclosure was signed by Gauravjit Singh on behalf of PAGAC Ecstasy Pte Ltd. The letter was addressed to the listing departments of BSE Limited and National Stock Exchange of India Ltd.