360 ONE WAM Q3 FY26: CARE finds no fund-use deviation

What the latest disclosures are about

360 ONE WAM Limited has filed monitoring agency reports for the quarter ended December 31, 2025, covering two preferential issues of equity convertible warrants. The disclosures were made under SEBI’s Listing Obligations and Disclosure Requirements (LODR), with CARE Ratings Limited acting as the monitoring agency. Together, the two issues add up to ₹2,503.39 crore in issue size, split between a smaller May 2025 issue and a larger July 2025 issue.

The monitoring reports are relevant because preferential issues with specific end-use commitments require third-party tracking of deployment. Investors typically use these reports to assess whether the company has stayed within stated objectives, whether implementation is on schedule, and whether approvals are in place.

Two preferential issues: size, timing, and purpose

The company’s filings describe two separate fundraising exercises through equity convertible warrants.

The first preferential issue had an issue size of ₹391.59 crore and ran between May 28, 2025 and June 3, 2025. The disclosed end-use split includes ₹293.69 crore earmarked for repayment of company debt and ₹97.90 crore for general corporate purposes.

The second preferential issue was larger, with an issue size of ₹2,111.80 crore and an issue period of July 15, 2025 to July 22, 2025. The stated objectives focus on investments in subsidiaries and general corporate purposes. The report lists allocations including ₹400.00 crore towards SEBI-registered stockbroker subsidiaries, ₹1,000.00 crore towards 360 ONE Prime Ltd., and ₹200.00 crore towards 360 ONE Alternates Asset Management Ltd., along with ₹511.80 crore for other general corporate purposes.

Monitoring agency finding: no deviations, no delays

CARE Ratings Limited, as the monitoring agency, confirmed that there were no deviations from the stated objectives for either preferential issue. The filings also note that there were no delays in implementation as of December 31, 2025.

In addition, the disclosures state that all government and statutory approvals connected to the utilisation objectives have been obtained. This is significant for end-use categories that involve investments into regulated entities and other intra-group funding actions.

Utilisation status in Q3 FY26

The monitoring update indicates that no funds were utilised during Q3 FY26. At the same time, the company also disclosed that for the second preferential issue, ₹527.95 crore had been utilised by the end of the quarter.

In practical terms, the disclosures suggest there was no incremental deployment during the quarter itself, while cumulative utilisation stood at ₹527.95 crore by December 31, 2025 for the larger issue. For the first issue, the company stated that no funds were called or utilised during Q3 FY26.

Timelines for completing the stated objectives

The monitoring reports include expected timelines for meeting the objectives described at the time of fundraising.

For the second preferential issue, the company has disclosed that investment objectives are scheduled for completion by the conclusion of FY 2027-28. For the first issue, the timeline mentioned for general corporate purposes runs until FY 2025-26.

These timelines matter because warrant-related fund inflows and utilisation can occur in phases, and monitoring reports help track whether the implementation remains consistent with what was disclosed to shareholders.

Promoter holding change linked to reclassification

Alongside the monitoring update, the company disclosed a change in promoter shareholding, with the promoter holding dropping from 14.20% to 6.26%. The stated reason was the reclassification of two promoters as public shareholders.

The disclosure also notes that there was no change in promoter shareholding during Q3 FY26 itself. For investors, the key takeaway is that the percentage shift is explained as a classification change rather than a quarter-on-quarter movement during the reported period.

Other Regulation 30 filings: earnings call recordings and investor communication

360 ONE WAM also disclosed that it hosted an earnings call at 5:30 p.m. (IST) on January 15, 2026, to discuss performance for the quarter and nine months ended December 31, 2025. Following the call, the company made the audio and video recordings available on its website (ir.360.one), and the filing references compliance under SEBI Regulation 30.

Separately, the company’s exchange updates also refer to investor-facing communication including an investor presentation and intimation related to an analysts or institutional investor meeting schedule.

ESOP allotments and capital structure updates

The disclosures include multiple updates related to ESOP allotments. 360 ONE WAM informed the exchange about the allotment of 1,91,376 equity shares of face value Re. 1 each to employees upon exercise of stock options. Another disclosure refers to allotment of 1,56,782 equity shares of face value Re. 1 each, also upon exercise. The text also mentions an intimation for allotment of 2,09,895 equity shares of face value Re. 1 each under the company’s employee stock option scheme(s).

In addition, the company’s corporate announcement history referenced the approval of two employee stock option schemes named 360 ONE Employee Stock Option Scheme 2025 - Series 1 and Series 2.

The filings also include details from May 29, 2025 where the Stakeholders Relationship Committee approved allotment of 33,33,333 warrants on a preferential basis at a warrant exercise price of ₹1,174.76 per warrant for cash consideration. The disclosure references a total amount of about ₹97.90 crore for that warrant allotment.

Subsidiary incorporation in GIFT City

In an acquisition-related update, the company disclosed the incorporation of a step-down wholly owned subsidiary in Gujarat International Finance Tec-City (GIFT City). The entity was incorporated as 360 ONE Global Asset Management (IFSC) Limited, with corporate identity number U66300GJ2025PLC171080, on December 23, 2025.

The update connects back to an earlier intimation dated November 20, 2025 about setting up a fund management business structure in the IFSC framework.

Key numbers at a glance

Why this matters for investors

Monitoring agency reports do not comment on business performance, but they are a key governance checkpoint for capital allocation. In this case, the company’s disclosures state that the end-use commitments for both preferential issues remain compliant, with CARE Ratings reporting no deviations from stated objectives.

The timelines also indicate that a meaningful portion of the planned subsidiary investments may play out over multiple years, up to FY 2027-28, which keeps these reports relevant in future quarters. The promoter holding change is also notable, although the company attributes it to reclassification rather than changes during Q3.

Conclusion

360 ONE WAM’s Q3 FY26 monitoring agency filings for its two preferential issues show no reported deviations or delays, with the company also outlining utilisation status and timelines for completing objectives. Alongside this, the company has continued to publish Regulation 30 updates including earnings call recordings, ESOP-related share allotments, and subsidiary incorporation in GIFT City. Investors will likely track subsequent monitoring reports to see how the subsidiary investment plan progresses against the stated completion timelines.