UBS said Oct. 22 that exercising all 20,502,939 warrants it held in 360 ONE WAM Limited resulted in an approximately 4.8% stake in the Indian wealth manager.
The warrants were priced at ₹1,030 each, and each could be converted into one fully paid share with a face value of ₹1. The 2025 subscription terms set aggregate consideration at ₹2,111.80 crore, or about ₹21.12 billion. UBS said it paid the remaining 75% when the shares were allotted.
360 ONE allotted the warrants on July 21, 2025, and received ₹527.95 crore upfront, equal to 25% of the exercise price, according to its filing. UBS gains an equity holding, while 360 ONE receives the warrant proceeds. The newly issued shares also dilute the proportional ownership of existing shareholders who do not acquire additional shares.
The warrants formed part of a broader wealth-management collaboration announced in April 2025. The proposal paired a transfer of UBS’s onshore wealth-management business in India to 360 ONE with UBS serving 360 ONE clients whose accounts are booked in Singapore, subject to approvals. 360 ONE’s filing put net consideration for the proposed business transfer at ₹307 crore and said it covered stockbroking, distribution, portfolio management and a residual client loan portfolio. That amount was separate from the warrant consideration.
The 2025 filing described the planned stake at 4.95%. UBS’s Oct. 22 announcement put its resulting holding at approximately 4.8%.
