JM Financial Products Ltd acquires stake in BigHaat

JM Financial Products Limited (JM Financial Products), a material subsidiary of JM Financial Limited, has executed the required document to acquire compulsorily convertible securities of Bighaat Agro Private Limited ("BigHaat") in two tranches. Post conversion, the acquisition when made, would result in JM Financial Products' shareholding of upto 12.8% in BigHaat.

The proposed acquisition by JM Financial Products is with the intention to transfer the entire holding in BigHaat (after factoring the additional carrying cost for the period it remains with JM Financial Products) to JM Financial India Growth Fund III, a scheme of JM Financial India Growth Trust III (a SEBI registered Category II, Alternative Investment Fund) that is sponsored/managed by JM Financial Limited. This is subject to receipt of all the required approvals, if and to the extent required.

BigHaat, along with its subsidiaries, owns and operates the agri-input marketplace. It provide an end to end platform to the farmers providing them quality inputs, offering farm advisory services and facilitating market linkages with large institutional buyers for sale of their final produce. Details of BigHaat can be viewed on their website viz., www.bighaat.com

Shares of JM Financial Limited was last trading in BSE at Rs. 65.10 as compared to the previous close of Rs. 64.40. The total number of shares traded during the day was 77748 in over 1407 trades.

The stock hit an intraday high of Rs. 66.45 and intraday low of 63.60. The net turnover during the day was Rs. 5075126.00.

Source : Equity Bulls

Keywords

JMFinancial INE780C01023 JMFinancialProducts StakeAcquisition BighaatAgro