360 ONE WAM LIMITED has informed the Exchange that the board of directors of 360 ONE Asset Management Limited- AMC, a wholly owned subsidiary of the Company, at its meeting held today, has approved incorporation of its wholly owned subsidiary -New Subsidiary for carrying out fund management business in Gujarat International Finance Tec-City (GIFT City). Upon incorporation, the New Subsidiary will be a step down wholly owned subsidiary of the Company.
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Awaiting price reaction for this filing.
360 ONE WAM's asset management arm (360 ONE Asset Management Limited), a wholly owned subsidiary, has approved the incorporation of a new wholly owned subsidiary in GIFT City, Gujarat. The new entity will carry out fund management business and will become a step-down wholly owned subsidiary of 360 ONE WAM. The board of the AMC approved this at a meeting held on the announcement date. No financial details, capital commitment, or timeline for incorporation have been disclosed.
This is a strategic expansion into GIFT City's IFSC, which offers tax benefits for fund management businesses and access to foreign capital. Positive for long-term growth of the AMC business, though near-term impact on stock price is likely muted given the small scale of the announcement.