360 ONE WAM Allots Shares To Complete Batlivala & Karani Acquisition

360 ONE WAM Ltd. late Tuesday said its board has approved the allotment of 10 million shares on a preferential basis at ₹1,174.76 each to Saahil Murarka and Batlivala & Karani Resources Management Pvt. Ltd. The allotment is part of the consideration for acquiring full ownership of Batlivala & Karani Securities India Pvt. Ltd., the company said in an exchange filing.

Earlier this month, the Competition Commission of India cleared 360 ONE WAM’s acquisition of Batlivala & Karani Securities and Batlivala & Karani Finserv Pvt. Ltd. The company had entered into a definitive agreement in late January to acquire both firms for ₹18.84 billion.

Following the share allotment and cash payment, B&K Securities and Batlivala & Karani Finserv have become wholly-owned subsidiaries of 360 ONE WAM. B&K Securities Pte. Ltd., Singapore and B&K Securities Ltd., England have become step-down wholly-owned subsidiaries from Tuesday.

360 ONE WAM also said the boards of the Singapore and UK arms of B&K Securities have approved voluntary liquidation, subject to regulatory approvals.