MoU13 Jun 2024, 03:08 am
360 ONE WAM LTD Approves Acquisition of Moneygoals Solutions Limited for Rs. 3,658 Crores
AI Summary
360 ONE WAM LTD, formerly known as IIFL Wealth Management Limited, announced the outcome of its Board Meeting held on June 12, 2024. The Board approved the acquisition of the entire fully paid-up equity share capital of Moneygoals Solutions Limited (MGSL) from Times Internet Limited (TIL). The total purchase consideration is Rs. 3,658,268,700, which will be discharged in cash and through the issuance of equity shares. The Board also approved the termination of the shareholders’ agreement dated October 24, 2015, and the offering of rights to nominate directors to Mr. Karan Bhagat and Mr. Yatin Shah, subject to shareholder approval.
Key Highlights
- 360 ONE WAM LTD to acquire MGSL from TIL for Rs. 3,658 Crores
- The acquisition to be partly paid in cash (Rs. 858 Crores) and partly through the issuance of equity shares (3,590,000 shares)
- Termination of the shareholders’ agreement dated October 24, 2015
- Offering of rights to Mr. Karan Bhagat and Mr. Yatin Shah to nominate themselves on the board of directors
- Subject to approval from the Securities and Exchange Board of India, stock exchanges, Reserve Bank of India, and other concerned regulatory authorities