JM Financial Limited raises Rs.770 crore through Qualified Institutions Placement

JM Financial Limited ("Company") announced the successful closure of its Qualified Institutions Placement ("QIP"). The Company has issued and allotted 11 crore equity shares of the face value of Re.1.0 each to qualified institutional buyers at an issue price of Rs.70.0 each (including a securities premium of Rs. 69.0 per equity share), aggregating to Rs. 770 crore.

Speaking on the announcement, Mr. 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."

The issue was subscribed by global and domestic investors.

Shares of JM FINANCIAL LTD. was last trading in BSE at Rs.74.5 as compared to the previous close of Rs. 74. The total number of shares traded during the day was 61928 in over 764 trades.

The stock hit an intraday high of Rs. 75 and intraday low of 71. The net turnover during the day was Rs. 4553094.

Source : Equity Bulls

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