News Analysis

JM Financial edges higher after acquiring CCDs worth Rs 183.37 crore of JMFARC

Updated on 12 September 2019 01:04 PM

JM Financial is currently trading at Rs. 74.90, up by 0.50 points or 0.67% from its previous closing of Rs. 74.40 on the BSE.

The scrip opened at Rs. 75.00 and has touched a high and low of Rs. 75.80 and Rs. 74.25 respectively. So far 7607 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 113.40 on 14-Sep-2018 and a 52 week low of Rs. 61.45 on 02-Aug-2019.

Last one week high and low of the scrip stood at Rs. 76.00 and Rs. 72.30 respectively. The current market cap of the company is Rs. 6298.55 crore.

The promoters holding in the company stood at 62.01%, while Institutions and Non-Institutions held 23.77% and 14.22% respectively.

JM Financial has acquired 49,16,104 Compulsorily Convertible Debentures (CCDs) (convertible into 4,91,61,040 equity shares as per the terms of the issue) of face value of Rs 373 each for cash aggregating Rs 183.37 crore of JM Financial Asset Reconstruction Company (JMFARC), a material subsidiary of the company.

The aforesaid CCDs have been allotted by JMFARC on September 11, 2019 to the company consequent upon its subscription in the Rights Offer made by JMFARC.

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.