JM Financials acquires debentures worth Rs.183.37 crore from JMFARC

JM Financials on Thursday announced that the company has acquired 49,16,104 compulsorily convertible debentures (which are convertible into 4,91,61,040 equity shares as per the term of issue) of face value of Rs. 373 per share for cash aggregating Rs. 183.37 crore of JM Financial Asset Reconstruction Company Limited (JMFARC), a material subsidiary of the JM Financials.

“These CCDs have been allotted by JMFARC on Sept. 11, 2019 to the company consequent upon its subscription in the rights offer made by JMFARC,” it added.

JM Financial group is one of India’s prominent financial services groups, specializing in providing a spectrum of business to corporations, financial institutions, high net worth individuals and retail investors. JM Financials is known for diverse business such as Investment Banking, Equity, Debt, Commodity Sales and Trading, Wealth Management, Portfolio Management Services, Asset Management, Alternative Asset Management, Financing and Lending and Distressed Asset Management. JM Financial service is the dedicated brokerage services arm of this group.

On Thursday, the stock of JM Financials Ltd opened at Rs. 75.00 per share and made an intraday high and low of Rs. 76.00 and Rs. 74.25, respectively on the BSE. The stock closed at Rs. 75.15, down by 1.01 per cent.