UBS AG has exercised all the warrants allotted under its strategic collaboration with India’s 360 ONE WAM, receiving 20,502,939 shares and an approximately 4.8% stake. The company announced the completed exercise on 22 October.[1]
The transaction converts an existing warrant subscription into issued equity. It follows the preferential allotment of the warrants on 21 July 2025, when UBS paid 25% of the exercise price. UBS says it has now paid the remaining 75%.[1]
The financing sequence
| Date or stage | What happened |
|---|---|
| 21 July 2025 | 20,502,939 warrants allotted after payment of 25% of the exercise price.Source 1 |
| October 2026 exercise | Remaining 75% paid and every warrant in the allotment exercised.Source 1 |
| Result | 20,502,939 shares, representing approximately 4.8% of 360 ONE WAM.Source 1 |
This sequence separates the original commercial commitment from its final funding and conversion. Describing the whole consideration as new October spending would overlook the 2025 instalment. Calling it an open-market purchase would also obscure that the shares came from a preferential allotment.[1]
A defined minority interest
The resulting stake gives UBS equity exposure to the Indian wealth and asset-management business within the firms’ broader strategic collaboration. The exercise release does not announce a controlling acquisition, a new purchase price or a migration of customer accounts.[1]
The confirmed milestone is therefore the completion of the warrant-to-share conversion. Its effect on UBS’s investment value will subsequently depend on the holding’s valuation; that return cannot be calculated from the share count and ownership percentage alone.[1]
Sources & further reading
- UBS acquires equity stake in 360 ONE WAM UBS · 22 Oct 2026 · Accessed 30 Oct 2026