JM Financial has sold and transferred 39,79,272, 12% Compulsorily Convertible Debentures (CCDs) (convertible into 3,97,92,720 equity shares as per the terms of the issue) of face value of Rs 373 each of JM Financial Asset Reconstruction company (JMFARC), to JM Financial Credit Solutions (JMFCSL).
JMFARC and JMFCSL, both are material subsidiaries of the company. Post conversion of the CCDs into equity shares, the holding of the company in JMFARC shall stand reduced from 63.61% to 53.62%.
JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.
