360 ONE Group Initiates Business Transfer to Consolidate Public Equity Asset Management
360 ONE WAM LTD announced a significant corporate undertaking involving the transfer of key business units between its wholly owned subsidiaries. The transfer aims to consolidate the group's asset management operations, specifically focusing on the public equities segment.The board of directors of 360 ONE Portfolio Managers Limited, and 360 ONE Asset Management Limited, both wholly owned subsidiaries of 360 ONE WAM LTD, approved the transfer of specific business functions.
The transferred business includes two core areas:
1. The Alternative Investment Funds (AIF) Business, which functions as an investment manager.
2. The Portfolio Management Services (PMS) Business, which operates as a portfolio manager registered with the Securities and Exchange Board of India.
This transaction, referred to as the Business Transfer, moves these profitable units from 360 ONE Portfolio Managers Limited (the Transferor) to 360 ONE Asset Management Limited (the Transferee).
Under the proposed terms, the AIF Business and PMS Business are structured to be transferred as an undertaking on a going concern and slump sale basis. The transaction involves a lump sum consideration, which is stated to be no less than the net book value of the undertaking, subject to necessary adjustments in working capital. The business transfer is scheduled to take effect from a date to be determined by both the Transferor and the Transferee, pending the completion of required shareholder approvals and other consents.
The strategic objective behind the consolidation is to establish a unified investment platform under the Transferee, allowing the group a sharper and more focused approach to the public equities asset management segment. Since both the Transferor and Transferee are wholly owned subsidiaries of 360 ONE WAM LTD, the group emphasized that the transfer is not to any third party.
Stock Price Movement
360 ONE WAM LTD shares settled at ₹1112.10 on Friday, posting a solid increase of 3.24%. The stock traversed a notable intraday range, fluctuating between a low of ₹1077.95 and a high of ₹1124.00.Source:
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