Capital Group Buys 12% Stake In 360 One WAM For Rs 245 Crore

Financial services company Capital Group, through affiliate New World Fund Inc., bought 20.94 lakh shares, representing a 0.52% stake, in asset and wealth management firm 360 One WAM Ltd. on Thursday.

This open market transaction cost Capital Group Rs 245 crore, as per bulk deal data on the BSE.

The transaction valued around Rs 245 crore at an average price of Rs 1,170 per share. Following this latest transaction, Capital Group's combined holding in 360 One WAM, through its affiliates Capital Income Builder and Smallcap World Fund, increased to 12.11% from 11.59%.

Details regarding the sellers of 360 One WAM's shares were not available on the exchange.

On Tuesday, 360 One WAM announced that Multi Commodity Exchange Clearing Corp penalised its wholly owned subsidiary, 360 One Distribution Services, Rs 25 lakh for allegedly violating norms.

"The penalty is levied by MCXCCL for alleged false reporting of excess collateral by 360 ONE DSL, a wholly-owned subsidiary of the company, on certain days during the period Oct. 2022 to Sept. 2023," the company said in a regulatory filing.

However, 360 One WAM's said that its arm 360 ONE DSL will appeal against the imposition of this penalty before the appropriate authority of the exchange.

The company also clarified that there will be no material impact on the company's financials or operations due to levy of the penalty.

(With PTI Inputs)