360 ONE WAM Limited has announced a significant regulatory update regarding its proposed acquisition of Moneygoals Solutions Limited (MGSL) and the consequent acquisition of Banayantree Services Limited (BTSL), a wholly-owned subsidiary of MGSL. The company has secured approval under the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 for this acquisition on January 10, 2025.

Details of the Acquisition

1. Company Involved:

   • 360 ONE WAM Limited: A prominent financial services firm.
   • Moneygoals Solutions Limited (MGSL): A company targeted for full acquisition by 360 ONE WAM.
   • Banayantree Services Limited (BTSL): A wholly owned subsidiary of MGSL, which will also be acquired as part of the deal.

2. Approval Status:
   On January 10, 2025, BTSL received the required approval from the Securities and Exchange Board of India (SEBI) for the acquisition, marking a crucial step in the process. The change of control from Times Internet Limited (TIL) to 360 ONE WAM has been cleared by SEBI, enabling the next phase of the transaction.

3. Next Steps:

   • Following the approval, the company will now seek the remaining necessary regulatory approvals and resolve any potential objections.
   • Once all conditions are met, the company will proceed with the discharge of the total consideration as detailed in the earlier announcement from June 12, 2024.

Strategic Implications

The acquisition is poised to strengthen 360 ONE WAM's market position and broaden its portfolio. With MGSL and its subsidiary BTSL, the company expects enhanced capabilities and resources, marking a strategic expansion in the financial services and asset management sectors. The acquisition will also help the company diversify its operations and improve service offerings to its clients.

Conclusion

This acquisition represents a milestone in 360 ONE WAM Limited's growth trajectory. The approval from SEBI sets the stage for the completion of this deal, which is expected to have a positive impact on the company's business operations and future prospects. Investors and stakeholders will be closely watching the developments as the company moves forward with its expansion plans.

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