360 ONE WAM said that its board has approved raising of funds by issue of equity shares, for an aggregate amount not exceeding Rs 2,250 crore, through Qualified Institutions Placement (QIP) route.
The aforementioned share sale would be undertaken in one or more tranches.
For giving effect to the proposed issuance of equity shares, the board has authorised the Stakeholders Relationship Committee of the company to take necessary steps including deciding the price, timing, terms and conditions of the QIP and all other matters related thereto.
360 ONE WAM (formerly known as IIFL Wealth Management) is a private wealth management firm in India. It serves the needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.
The companys consolidated net profit rose 32.6% to Rs 243.74 crore on 61.1% jump in total income to Rs 935.54 crore in Q1 FY25 over Q1 FY24.
The scrip declined 1.40% to currently trade Rs 1065.90 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content