360 ONE WAM block deal: Shares crash 5% as equity worth Rs 2,273 crore exchanged

BC Asia Investments X owned a 21.93 percent stake in the firm.

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Capital markets player 360 ONE WAM shares tumbled over five percent following a block deal involving shares worth Rs 2,273 crore took place in the early session on Tuesday, July 22, with the likely seller being Bain Capital and Canada Pension Plan Investment Board.

As much as 1.9 crore shares, equally to five percent of the outstanding equity in the firm, was traded at Rs 1,160 per share; the total deal size was Rs 2,273 crore. The deal was conducted at a five percent discount to the previous session's closing price of Rs 1,221.2.

At 9.30 a.m., shares of 360 ONE WAM were quoting Rs 1,164.7 apiece on the NSE, down 4.6 percent.

According to sources, BC Asia Investments X was likely to offload 1.5 crore shares, amounting to a 3.7 percent, 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 percent stake from General Atlantic Singapore Fund Pte. Ltd.

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

According to the term sheet, the seller will face a lock-up period of 120 days after the transaction. J.P. Morgan is managing the deal.

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