360 ONE WAM, a wealth and asset manager, on January 27 announced acquisition of Batlivala & Karani Securities India Private Ltd and Batlivala & Karani Finserv Private Ltd for Rs 1,884 crore (inclusive of Rs 200 crore of cash and cash equivalent).
"B&K is a leading mid-cap brokerage, servicing almost all leading foreign and domestic financial institutions. The company is a full-service broker dealing with institutional investors and also offers corporate treasury services to its set of clients, serviced by a team of over 300 professionals," said 360 ONE WAM in a press release.
The acquisition, structured as a combination of a stock swap and part-cash transaction, is subject to regulatory approvals. Once complete, this acquisition will help 360 ONE bolster its broking platforms across all market segments (UHNI, HNI, Retail, Institutions) along with growing its Equity Capital Markets business to serve its existing client base. Additionally, B&K’s strong presence in the corporate treasury segment is another area of synergy for 360 ONE’s client base, it said.
As part of the transaction, Saahil Murarka, Managing Director, at B&K Securities will also become a part of the 360 ONE Group and lead the Broking and Capital Markets business.
Karan Bhagat, Founder, Managing Director & CEO, 360 ONE WAM Ltd, said, “This partnership marks a pivotal moment for both our firms. This acquisition strengthens our position as a market leader, enabling integration of research, advisory, and execution capabilities across a wider spectrum of services. We are excited to work with Saahil and his team to grow this business line and deliver better value to our institutional, corporate, and ultra-high-net-worth clients.”
Saahil Murarka, Managing Director, B&K Securities said, “We are incredibly proud of B&K’s history and heritage as one of India’s oldest financial services institutions.
This partnership with 360 ONE WAM is a natural progression for us, combining the best our organisations have to offer. B&K’s expertise in equities, institutional and corporate financial services with 360 ONE’s comprehensive wealth management and asset management capabilities. We look forward to working closely and continuing to deliver exceptional service to our clients.”
On January 27, 360 ONE WAM reported 42% YoY jump in net profit in December quarter at Rs 275 crore while its revenue rose 45% to Rs 678 crore. On January 27, 360 ONE WAM's shares on BSE closed 5% lower at Rs 1,070 apiece.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
