After ET Money, 360 One To Acquire Batlivala & Karani In Rs 1,884-Crore Deal

Wealth and asset manager 360 One WAM Ltd. will be acquiring merchant bankers and mutual fund distributors Batlivala & Karani Securities India Pvt. and Batlivala & Karani Finserv Pvt. for Rs 1,884 crore.

360 One, which approved the acquisition of ET Money from Times Internet in June 2024, said the B&K acquisition would include a Rs 200-crore cash and cash equivalent component. The acquisition, structured as a combination of a stock swap and part-cash transaction, is subject to regulatory approvals, according to a statement on Monday.

As part of the transaction, B&K Securities Managing Director Saahil Murarka will also become a part of the 360 One Group and lead the broking and capital markets business.

B&K Securities is in the business of institutional equity broking, mutual fund distribution, alternative investment funds distribution, portfolio management services distribution, investment banking as a merchant banker, and research analyst activities. As of March 31, the company had a turnover of Rs 144 crore.

B&K Finserv, meanwhile, operates in the financial services industry for mutual fund distribution, and reported a turnover of Rs 13 crore as of March 31, 2024.

The acquisition will help 360 One "bolster its broking platforms across all market segments along with growing its equity capital markets business to serve existing & new clients", the asset manager said. Additionally, it said B&K's presence in the corporate treasury segment will be an area of synergy for them.

In June 2024, 360 One had acquired wealth tech platform ET Money in a Rs 366-crore deal. Back then, both subsidiaries Banayantree Services Ltd. and Moneygoals Solutions Ltd. — which operated ET Money — had been acquired in a cash and stock deal where 360 One paid roughly Rs 86 crore in cash, while the rest would be compensated by issue of equity shares.

Now, the company said Banayantree received the necessary prior approval under SEBI regulations for the change of control of Moneygoals from Times Internet to 360 One, according to a Jan. 27 filing. "The company will now initiate steps for discharge of the total consideration."

• Revenue fell 12% to Rs 760 crore versus Rs 865 crore.

• Net profit rose 13% to Rs 276 crore versus Rs 245 crore.

• Other income rose over 6x to Rs 175 crore versus Rs 28 crore.

• Wealth management revenue rose 5% to Rs 758 crore versus Rs 723 crore.

• Wealth management revenue up 4% to Rs 176 crore versus Rs 169 crore.

Shares of 360 One WAM closed 4.44% lower at Rs 1,075.15 apiece on the BSE, compared to a 1.08% decline in the benchmark Sensex.