Private equity major Bain Capital on Tuesday divested a 3.71% stake in wealth management firm 360 ONE WAM for ₹1,741 crore through open market transactions.
Following the stake sale, shares of 360 ONE WAM fell 6.25% to close at ₹1,144.90 apiece on the NSE.
US-based Bain Capital through its affiliate BC Asia Investments X Ltd offloaded a total of 1.50 crore equity shares, amounting to a 3.71% stake in 360 ONE WAM, as per the bulk deal data on the National Stock Exchange (NSE).
The shares were disposed of in the price range of ₹1,160.10-1,161.42 apiece, taking the combined deal value to ₹1,741.14 crore.
After the latest transaction, Bain Capital's holding in Mumbai-based 360 ONE WAM has come down to 18.21% from 21.92% Details of the buyers of 360 ONE WAM's shares could not be ascertained on the exchange.
In 2022, Bain Capital announced that it will acquire a 24.98% equity stake in IIFL Wealth Management (now known as 360 ONE WAM) for nearly ₹3,700 crore. The company had said that it will acquire stakes from PE firm General Atlantic and billionaire Prem Watsa-owned FIH Mauritius.
