360 ONE WAM: PE Major Bain Capital Sells Stake Worth Rs 1,741 Crore

Private equity major Bain Capital on Tuesday divested a 3.71% stake in wealth management firm 360 ONE WAM for Rs 1,741 crore through open market transactions.

Following the stake sale, shares of 360 ONE WAM fell 6.25% to close at Rs 1,144.90 apiece on the NSE.

US-based Bain Capital through its affiliate BC Asia Investments X Ltd offloaded a total of 1.50 crore equity shares, amounting to a 3.71% stake in 360 ONE WAM, as per the bulk deal data on the National Stock Exchange.

The shares were disposed of in the price range of Rs 1,160.10-1,161.42 apiece, taking the combined deal value to Rs 1,741.14 crore.

After the latest transaction, Bain Capital's holding in Mumbai-based 360 ONE WAM has come down to 18.21% from 21.92%.

Details of the buyers of 360 ONE WAM's shares could not be ascertained on the exchange.

In 2022, Bain Capital announced that it will acquire a 24.98% equity stake in IIFL Wealth Management (now known as 360 ONE WAM) for nearly Rs 3,700 crore. The company had said that it will acquire stakes from PE firm General Atlantic and billionaire Prem Watsa-owned FIH Mauritius.