Blue Ridge and Valiance allotted 8% stake in JM Financial Asset Management

JM Financial Ltd has announced that the Board of Directors of the Company at its meeting held on January 30, 2009, inter alia, has taken note of the allotment of 4,695,652 equity shares by JM Financial Asset Management Private Ltd (AMC), a subsidiary of the Company, to two institutional investors namely, Blue Ridge (2,347,826 equity shares) and Valiant (2,347,826 equity shares) for an aggregate amount of Rs 63.86 crore (Issue price Rs 136/- per share). This allotment represents 8% of the post issue equity share capital as against 12% of the post issue equity share capital proposed earlier. The Board has further taken note of the allotment of 5,287,897 warrants to the Company as against the allotment of 5,528,256 warrants as proposed earlier.

The reduction in the aggregate amount of subscription, number of equity shares and warrants is due to the downward revision in the number of equity shares placed by AMC from 12% to 8% and in the issue price of the equity shares so placed from Rs 151.70 to Rs 136 per share.

The stock closed the day at Rs.19.20, down by Rs.0.40 or 2.04%. The stock hit an intraday high of Rs.19.75 and low of Rs.18.65.

The total traded quantity was 25243 compared to 2 week average of 16129.

Source : Equity Bulls

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