360 One Wam shares fall on heavy volumes; reports suggest Bain Capital likely seller

Shares of stock brokerage firm 360 One Wam fell as much as 6.83% to hit an intraday low of ₹1,137.60 on the BSE on the back of heavier than usual trading volumes. On the National Stock Exchange (NSE), 360 One Wam shares fell as much as 6.88% to hit an intraday low of ₹1,137.10.

Trading volumes in 360 One Wam shares on the NSE spiked by 35.1 times to over 2.51 crore shares as against an average trading volume of 7.17 lakh shares. On the BSE, 31.06 lakh shares changed hands compared to an average of 19,000 shares traded daily in the past two weeks.

Reports suggest that Bain Capital and Canada Pension Plan Investment Board likely sold shares worth ₹2,273 crore via multiple block deals. According to a report by Moneycontrol 1.9 crore shares representing 5% equity in the firm changed hands at ₹1,160 per share. The deal was conducted at a 5% discount to the previous session's closing price of Rs 1,221.

BC Asia Investments X was likely to offload 1.5 crore shares, amounting to a 3.7%, through the block deal route. BC Asia Investments X is a special-purpose entity, controlled by a group of investors that includes Bain Capital Investors LLC, Bain Capital Credit, and the Canada Pension Plan Investment Board (CPPIB), Moneycontrol reported citing sources.

In 2022, BC Asia Investments X became a major shareholder in 360 One WAM after it acquired up to a 24.98% stake from General Atlantic Singapore Fund.

As per the June quarter shareholding status, promoters held 6.27% stake in the company with Yatin Shah, Kyra Family Private Trust, Kush Family Private Trust, Shilpa Bhagat, Karan Bhagat, Ami Yatin Shah, Yatin Prakash Shah HUF, Kush Bhagat, and Kyra Bhagat being the prominent shareholders from the promoter group.

Foreign investors held 33.48% stake in the company with BC Asia Investments X Limited holding 21.92% stake.

As of 11:43 am, 360 One Wam shares traded 6.72% lower at ₹1,139, underperforming the BSE 500 index which was 0.14%.