360 ONE UBS Stake, October 22, 2026: UBS Converts Warrants Worth ₹2,112 Crore for 4.8%

The 360 ONE UBS stake is now real equity rather than a promise on paper. On October 22, 2026, 360 ONE WAM said Swiss bank UBS AG had converted every warrant it held, and the company allotted it 2,05,02,939 equity shares at ₹1,030 each. That works out to roughly 4.8% of the enlarged share capital, according to the company’s exchange filing and press release on NSE.

The warrants were first allotted on a preferential basis on July 21, 2025. UBS paid 25% of the exercise price at that time. It has now paid the remaining 75%, which the filing puts at ₹1,583.85 crore.

What the 360 ONE UBS stake cost

The full ticket comes to ₹2,111.80 crore, the aggregate consideration stated in the filing for 2,05,02,939 shares at ₹1,030. Back out the ₹1,583.85 crore paid now, and the upfront 25% paid in July 2025 works out to about ₹527.95 crore. That last number is our arithmetic, not a figure the company reported separately.

The shares have a face value of ₹1 and rank pari passu with existing shares. In plain terms, they carry the same rights to dividends and votes as every other 360 ONE share.

How much dilution existing holders take

Paid-up capital rose from 40,79,14,200 shares to 42,84,17,139 shares. So the share count went up by about 5% from where it was before the allotment. The 4.8% figure the company quotes is measured against the new, larger base. Both numbers are correct. They just answer different questions.

We think the dilution here is the less interesting part. A warrant holder can walk away and forfeit the 25% already paid. UBS chose to pay ₹1,583.85 crore more instead. That’s a fairly clear signal of where a bank its own release calls one of the world’s leading wealth managers stands on the partnership. If you want a refresher on how these instruments work, our explainer on share warrants explains how they convert into shares, and our guide to preferential allotment of shares covers how these issues work.

The bigger picture

360 ONE describes the warrant exercise as the latest step in a strategic collaboration between the two firms. The company says it manages assets of more than about ₹9 lakh crore (US$94.1 billion) and serves more than 9,000 families and corporates. UBS, for its part, is described in the release as managing US$7.3 trillion of invested assets as of the second quarter of 2026.

The filing doesn’t add new terms to the collaboration or say anything about further stake-building, so we wouldn’t read more into it than the numbers show. What changes from here is mostly on the shareholding pattern. UBS will now show up as a holder of about 4.8%, and the per-share figures in 360 ONE’s coming quarterly results will be calculated on the larger share count.

The disclosure was made under Regulation 30 of SEBI’s listing rules. Investors can check the SEBI website for the framework that governs preferential issues and warrant conversions.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before making any investment decision.