JM Financial has entered into a Share Purchase Agreement (SPA) with Moraine Master Fund LP (the MMF) for acquiring from them, 84,343 equity shares, representing 2.98% of the equity share capital of JM Financial Credit Solutions (JMFCSL), held by MMF.
Upon completion of the above acquisition, JMFCSL would become the company’s wholly owned subsidiary with 100% shareholding in it. The company’s share in the consolidated profits shall increase and accordingly shall have enhanced control of JMFCSL including capital allocation and distribution of profits. Cost of acquisition is approximately Rs 88.97 crore. The said acquisition is expected to be completed within 30 days from the execution of this transaction or any such extended date mutually determined and agreed by the parties.
JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.
