JM Financial raises Rs 770 crore through qualified institutions placement

JM Financial Ltd on Monday announced a successful closure of its qualified institutions placement.

JM Financial Ltd on Monday announced a successful closure of its qualified institutions placement. The company has issued and allotted 11 crore equity shares of the face value of one rupee each to qualified institutional buyers at an issue price of Rs 70 each (including a securities premium of Rs 69 per equity share) aggregating to Rs 770 crore.

"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," said Vishal Kampani, Managing Director of JM Financial Group. "The capital raise also provides us the ability to leverage the capital to tap into the growth opportunities at an appropriate time," he said in a statement.

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