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

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).