JM Financial’s subsidiary - JM Financial Products has executed the agreement to acquire equity shares/compulsorily convertible securities of Vendiman in two tranches. Post conversion, on a fully diluted basis, the said acquisition would result in the holding of up to 41.21%.
The proposed acquisition by JM Financial Products is with the intention to transfer the entire equity stake in Vendiman (after factoring the carrying cost for the period it remains with JM Financial Products) to a Fund/Trust that is sponsored/managed by JM Financial Investment Managers, the asset management company for Alternative Assets business in the JM Financial Group. This is subject to receipt of all the required approvals, if and to the extent required.
Vendiman is a leading vending machine operator, serving customers across India. The company is in the business of providing and managing vending machines and earns revenue primarily from the sale of snacks and beverage products and other related revenue streams.
JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.
