Capital markets player 360 ONE WAM Ltd.'s shares gained on April 22, after the firm announced it entered into an exclusive strategic collaboration with international bank UBS.
"This exclusive strategic collaboration combines 360 ONE’s local knowledge and reach with UBS’s global and regional expertise to deliver enhanced benefits to clients," said the wealth manager in a filing with the bourses.
As part of this collaboration, it is proposed that clients from both institutions will have access to onshore and offshore wealth management solutions. Potential collaborative opportunities for asset
management products and investment banking services will also be explored.
As part of this collaboration, 360 ONE WAM plans to issue 2.05 crore warrants to UBS AG on a preferential basis at Rs 1,030 per warrant. These warrants can be converted into an equal number of equity shares within 18 months from the date of allotment. The issue price reflects a 14 percent premium over the three-day VWAP prior to April 17, 2025.
Additionally, the firm's board has taken note of the proposed acquisition of the India Wealth Business of UBS AG affiliates by the company’s subsidiaries. The acquisition includes stock broking, distribution, and portfolio management services, along with the residual loan portfolio of wealth management clients. The active AUM of the acquired business was approximately Rs 26,000 crore as of December 31, 2024, with the transaction valued at Rs 307 crore.
At 9.17 am, shares of 360 ONE were quoting Rs 961.75 each, up 0.8 percent.
In addition, 360 ONE will acquire UBS’s onshore wealth management business in India through its subsidiaries. UBS will also purchase warrants amounting to 4.95% stake in 360 ONE, demonstrating
UBS’s commitment to the fast-growing ultra and high-net-worth Indian market. The entire transaction will be subject to the necessary regulatory approvals, noted the firm.
"A joint committee led by senior leadership from both institutions will be established to explore growth opportunities. This is a first step towards a powerful collaboration, which will further enhance the value proposition and unlock synergies for our clients and employees," added the filing.
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