Investment banker JM Financial announced the successful closure of its Qualified Institutions Placement. The Company said that it has issued and allotted 11 crore equity shares of the face value of Rs 1 each to qualified institutional buyers at an issue price of Rs.70.0 each, aggregating to Rs. 770 crore.
“The committee of the board of directors of the company has, at its meeting held today (Friday) i.e. June 12, 2020, approved the allotment of 110,000,000 equity shares of a face value of Rs 1 each to eligible qualified institutional buyers at the issue price of Rs 70 per equity share aggregating Rs 770 crore only,” it said in a regulatory filing.
Speaking on the announcement, 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.”
JM Financial, one of India’s leading financial services groups, offers an array of services to corporations, financial institutions, high net-worth individuals and retail investors. The Group is known for its diverse financial services such as Investment Banking, Equity, Debt, Commodity Sales and Trading, Wealth Management, Portfolio Management Services, Asset Management, Alternative Asset Management, Financing and Lending, Housing Finance and Distressed Asset Management.
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