- BC Asia Investments X will sell 1.5 crore shares in 360 One WAM Ltd via block deal
- The floor price is Rs 1,160 per share, a 5% discount on the last closing price
- The offer size for the share sale is Rs 1,741 crore with a 120-day lock-up for the seller
Public shareholder BC Asia Investments X is set to sell 1.5 crore shares or a 3.7% stake in 360 One WAM Ltd. through a block deal, as per the term sheet accessed by NDTV Profit.
The floor price is set at Rs 1,160 per share, implying a 5% discount on the last closing price of Rs 1,221.20. The offer size is Rs 1,741 crore. The seller will be under a 120-day lock-up post-sale.
IIFL Capital Services and JPMorgan India will be the book runners for the deal, as per the sheet. The shares are expected to change hands on Tuesday, while the settlement date is likely to be July 23.
Shares of 360 One WAM closed 1.65% higher at Rs 1,221.20 apiece on the National Stock Exchange, compared with a 0.49% advance in the benchmark Nifty. The stock has fallen 2.68% in the last 12 months but risen 26.41% on a year-to-date basis.
Out of the 12 analysts tracking the company, nine maintain a 'buy' rating on the stock and three recommend a 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 5.5%.
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