The share price of one of the largest financial service providers rose nearly 5 percent to Rs 665 per share after the business bought an additional stake in a venture capital firm to become its wholly-owned subsidiary.
At 12:05 p.m., 360 One Wam Ltd shares were trading at Rs 653.60 a share on the National Stock Exchange, up Rs 18.55 or 2.82 percent from the previous close price and the company has a market capitalization of Rs 23,514 crores.
360 One wam purchased the remaining 9 percent stake in MAVM Angels Network Private Limited (MANPL) through a share purchase agreement on December 21, 2023, by the paid-up share capital of MANPL.However, on November 15, 2022, the business acquired a 91 percent ownership through MANPL’s paid-up equity share capital.
The Cost acquisition of the aforementioned 9 percent of the paid-up equity share capital of MANPL is Rs. 4.52 crores, After the acquisition, MANPL became a wholly owned subsidiary of the Company. The company said in its exchange filing.
MANPL is an investment manager for two alternative investment funds (“AIFs”) and also it is a venture capital firm based in Mumbai.MANPL‘s turnover for the financial year 2022-23 was Rs. 10.18 Crore.
360 ONE WAM shares have gained 44 percent in the last six months and 21 percent in a month.
As per the recent shareholding pattern, company promoters hold a 20.84 percent stake in the company, while foreign institutional investors hold a 61.87 percent stake, and retail investors hold a 10.92 percent stake in the company.
The company’s revenue has increased by 10 percent yearly, from Rs 505 crore in Q2FY23 to Rs 555 crore in Q2FY24. During the same timeframe, Net profit has increased by 7 percent from Rs 174 crore to Rs 186 crore.
In the recent financial year, the company received 73 percent of segment revenue from wealth management and 27 percent from asset management.
The company is one of India’s largest asset and wealth management firms with an AUM of over $49.7 billion or Rs 413k crore as of Q2FY24. The company’s ARR AUM stood at Rs 2,02,536 which was increased by 30.7% YoY and 6.4% QoQ.
360 one wam Ltd is one of the largest private wealth management firms in India. The company mainly acts as a wealth manager and provides services relating to financial product distribution, advisory, and portfolio management services.
Written by Omkar Chitnis
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