The shares of 360 One Wam witnessed a sharp decline of 6.3% to their days low of Rs 1143.80 on the BSE on Tuesday as around 5% equity stake in the company was reportedly offloaded by BC Asia Investments in a block deal.According to reports by CNBC, this sale, representing 1.9 crore shares of the company, was sold via a block deal worth Rs 2,273 crore, which led to a fall in the share price today.The block deal took place on Tuesday, July 22, reportedly at a price of Rs 1,160 per share.
However, the official parties of the transaction are not currently known.According to previous reports, BC Asia Investments X Ltd was planning to offload around 1.5 crore shares, or a 3.7% stake, in the wealth and asset management firm.Also Read: 7 Nifty500 stocks with highest dividend yields.
Do you own any?Live EventsPost-transaction, the seller will be subject to a 120-day lock-up period.
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Morgan is said to be managing the deal, as per the term sheet.360 One WAM, formerly known as IIFL Wealth Management, rebranded in January 2023 and is headquartered in Mumbai.
It is one of Indias leading wealth and asset management firms.BC Asia Investments X Ltd is a special-purpose vehicle indirectly owned by a consortium of investors, including Bain Capital Investors LLC, Bain Capital Credit, and the Canada Pension Plan Investment Board (CPPIB).
In 2022, the group acquired up to a 24.98% stake in 360 One WAM from General Atlantic Singapore Fund Pte Ltd, becoming one of its major shareholders.Also Read: Apollo Tyres, Brigade Enterprises among 10 small-cap stocks trading below industry PE; may rally up to 43%On Monday, 360 One WAM shares closed 1.67% higher at Rs 1,221.10, in line with broader market gains.
The stock has risen 28% over the past three months but remains down 4% year-to-date.
Over the last two years, the stock has delivered a strong return of 137%.According to Trendlyne, the average analyst target price for the stock is Rs 1,305, implying a potential upside of about 7% from current levels.
Of the 10 analysts tracking the stock, most have a Buy rating.Technically, the Relative Strength Index (RSI) stands at 62.8, indicating neutral momentum.
The MACD is at 32.6above the centre line but below the signal line.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of the Economic Times)