UBS converts 360 One warrants into 4.8% equity stake after 2025 deal

Swiss investment bank UBS AG acquired a 4.8% stake in Karan Bhagat's wealth manager 360 One Wam Ltd after converting 20.5 million warrants into equity shares.

When the warrants were initially allotted on 21 July 2025, UBS paid 25% of the exercise price. It paid the remaining 75% exercise price of ₹1,584 crore ($190 million) on Thursday, 360 One said in a statement. The latest tranche of equity shares was issued at ₹1,030 per share, bringing the total consideration for the warrant transaction to ₹2,112 crore.

Shares of 360 One opened at ₹1,030.10 on the National Stock Exchange on Thursday.

In April 2025, UBS agreed to transfer its onshore wealth management business in India to 360 One for a net consideration of ₹307 crore, while 360 One clients booked in Singapore would be served by UBS. The agreement also established a revenue-sharing model tied to client onboarding.

As part of the deal, UBS was to acquire warrants representing close to a 5% stake in the ‌Indian wealth management ⁠firm.

The warrant exercise “marks the latest milestone in the institutions' strategic collaboration,” 360 One said.

Mumbai-based 360 One offers investment and financial advice to over 9,000 families in the ultra-high-net-worth individual and high-net-worth individual segments. The company manages assets of more than ₹9 trillion.

Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.

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