360 One WAM Shares Tumble 5% After BC Asia Investments Likely Pares Stake in Rs 2,273 Crore Block Deal

Shares of wealth management company, 360 ONE WAM, slipped over 5% in trade on July 22 after a block deal worth a whopping Rs 2,273 crore hit the counter.

As much as 1.9 crore shares, equivalent to a 5% equity in the company was sold in a block deal. The transaction was executed at an average of Rs 1,160 per share, meaning, a 5% discount to the previous session's closing price.

Buyers and sellers involved in the transaction could not be immediately ascertained. However, Moneycontrol did report citing sources that private equity fund BC Asia Investments X was looking to offload 1.5 crore shares, amounting to a 3.7% stake through the block deal route. 

BC Asia Investments X is a special-purpose entity, controlled by a group of investors that includes Bain Capital Investors LLC, Bain Capital Credit, and the Canada Pension Plan Investment Board (CPPIB).

Back in 2022, BC Asia Investments X became a significant shareholder in 360 One WAM by acquiring up to a 24.98% stake from General Atlantic Singapore Fund Pte.

According to the firm's latest shareholding data, as of May 27, promoters owned a 7.1% stake in the firm. FIIs hold the largest stake at 66.8%, while DIIs own 7.6%. The public shareholding in the firm is around 18.5%. Amongst FIIs, BC Asia Investments X held a 21.93% stake in the firm.

Meanwhile, the transaction was also likely to evoke a 120-day lock-in period, preventing the seller from further stake sales.

360 ONE WAM, previously known as IIFL Wealth Management, is a wealth and asset management company, headquartered in Mumbai. The firm underwent a rebranding exercise in January 2023 to align with its evolving strategic direction.

Despite the decline in Tuesday’s trading session, the stock has still delivered a solid return of over 26% over the past year. However, July has proven to be a weaker month thus far, with the stock slipping 2.6% following a strong upward trend in the preceding months.