JM Financial Ltd. raised its stake in unit JM Financial Asset Reconstruction Co. Ltd. by acquiring additional shares.
JM Financial bought an aggregate of 76,047,279 of equity shares in JM Financial Asset Reconstruction, with a face value of 10 Indian rupees each. The shares were acquired pursuant to an allotment of 74,005,612 equity shares subscribed by the company on a rights basis and 2,041,667 shares through a secondary transfer, according to a March 14 bourse filing.
JM Financial's shareholding in its asset reconstruction subsidiary has increased to 57.07% from 50.01% as a result of the additional stake acquisition.
As of March 14, US$1 was equivalent to 64.89 Indian rupees.
