General Atlantic is exploring a purchase of PAG's holding in Nuvama Wealth Management and has already held several rounds of discussions with the Hong Kong-based investor, reported Moneycontrol citing sources.

"It is not clear if both are in agreement on valuations," a banker aware of the conversations told the publication.

"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".

The proposed transaction is valued at about $1.82bn (Rs171.38bn), the report said citing sources.

If completed, it would mark an exit route for PAG, which has been invested in the company for roughly five years.

Morgan Stanley and JPMorgan are acting as advisers on the deal, according to the report.

PAG owns slightly more than 54% of Nuvama.

Nearly 63% of that shareholding is under encumbrance, although detailed terms of the pledge are not publicly available.

The current discussions represent PAG's second effort to monetise its investment in Nuvama, one of India's five largest wealth management firms.

Bankers had earlier approached potential buyers, including private banks, for PAG's stake, sources said. However, Nuvama's listed status appears to have limited appetite among such investors.

"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 said.

General Atlantic had, until recently, a 3.55% holding in 360One Wealth Asset Management. Its other financial services investments include KFin Technologies, Snapmint and PhonePe.

Earlier this month, Moneycontrol reported that PAG had revived plans to exit Nuvama.

According to reports, the earlier sale process last year drew interest from private equity firms including EQT, CVC Capital and Permira, but the effort was later shelved.

PAG invested about $325m to acquire control of Nuvama in March 2021. 

"General Atlantic in talks to buy PAG's stake in Nuvama Wealth – report " was originally created and published by Private Banker International, a GlobalData owned brand.