360 One WAM wants to raise Rs 2,250 crore through Qualified Institutional Placement (QIP). On September 19, the company's board approved it. The company will raise this amount in one or more rounds of QIP. The old name of 360 One WAM was IIFL Wealth & Asset Management. This is the same company whose name cropped up in the new report of the American short-selling firm Hindenburg.

Hindenburg Research, in its report citing a whistleblower, alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhawal Buch have stakes in two offshore funds that were used to allegedly launder money in the Adani Group. These offshore funds were allegedly managed by IIFL Wealth & Asset Management (now known as 360 ONE WAM).

The demerger took place in May 2019

IIFL Wealth and Asset Management has demerged from the IIFL Group and become a separate entity. It now covers ultra-high-net-worth individuals under the name 360 ​​ONE WAM . In May 2019, IIFL separated IIFL Wealth Management and IIFL Securities from IIFL Finance to form 3 separate entities. After the demerger, IIFL Wealth and Asset Management was listed on the stock exchanges in September 2019.

360 ONE WAM stock falls

360 One WAM shares fell on September 19. The stock opened with a gain of Rs 1104 on the BSE. It then declined by 2 percent from its previous close and hit a low of Rs 1056.10. The promoters held a 15.79 percent stake in the company as of the end of June 2024. The stock price has gained 52.23 percent in the last 6 months.

The market cap of the company is Rs 38700 crore. The stock has a 52-week high of Rs 1,215.80 on BSE, which was seen on August 1, 2024. The 52-week low of Rs 488 was recorded on October 5, 2023.