Mumbai, 15 June, 2020: JM Financial Limited (“Company”) announced the successful closure of its Qualified Institutions Placement (“QIP”). The Company has issued and allotted 11 crore equity shares of the face value of Re.1.0 each to qualified institutional buyers at an issue price of Rs.70.0 each (including a securities premium of Rs. 69.0 per equity share), aggregating to Rs. 770 crore.
Speaking on the announcement, Mr. Vishal Kampani – Managing Director, JM Financial Group said “We are pleased with the response to our equity fund raise through our QIP. The equity fund raise further strengthens our balance sheet amid the uncertainties related to Covid-19 by augmenting our existing cash and cash equivalents, which stood at Rs.3,412 crore as of March 31, 2020. The capital raise also provides us the ability to leverage the capital to tap into the growth opportunities at an appropriate time.”
The issue was subscribed by global and domestic investors.
About JM Financial Group
JM Financial is an established financial services group providing a range of financial services. The Group’s primary businesses include (a) Investment banking, wealth management and securities business (IWS) (b) Mortgage Lending which includes wholesale mortgage lending and retail mortgage lending (c) Distressed credit which includes the Asset Reconstruction business (d) Asset Management includes the mutual fund business. The Group is headquartered in Mumbai. The equity shares of JM Financial Limited are listed in India on the BSE and NSE.
For more information, log on to www.jmfl.com or contact:
Tel.: +91 22 6630 3475
and CFO – JM Financial Products Limited
Group Chief Financial Officer
Tel.: +91 22 6630 3460
CFO – JM Financial Credit Solutions
Tel.: +91 22 6630 3360