M&A
JM Financial buys 3% in lending arm JMFCSL from Moraine Fund for Rs.89-Cr; ups stake to 100%
BSE Announcement Economic Times
Mumbai-based, publicly listed JM Financial which currently holds 97.02 % in its subsidiary JM Financial Credit Solutions Ltd (JMFCSL), has acquired the remaining 2.98 % stake (84,343 equity shares) from Moraine Master Fund LP, for INR 88.97 crore in cash. The deal makes the lending arm a wholly-owned subsidiary of JM Financial.Incorporated in 1980, JMFCSL offers wholesale credit to real estate developers and is registered with the Reserve Bank of India (RBI) as a systemically important non-deposit taking NBFC.
In Jul 2024, JM Financial had acquired 42.99% stake in JM Financial Credit Solutions for USD 153.59 M.In Oct 2018, JM Financial Credit Solutions had attracted about USD 121 M from Alpha Wave Global and others.For FY24, JM Financial Credit Solutions had reported about INR 1,305 Cr in Operating Income and about INR 47 Cr in PAT.
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