JM Financial's asset reconstruction subsidiary raises Rs 183 cr debt from parent co

JM Financial Asset Reconstruction Company has raised up to Rs 183 crore by allotting compulsory convertible debentures (CCDs) to its parent firm JM Financial. JM Financial has acquired 4,916,104 CCDs (convertible into 49,161,040 equity shares as per the terms of issue) for cash aggregating to Rs 183.37 crore of JM Financial Asset Reconstruction Company Ltd (JMFARC), the company said in a regulatory filing on Thursday.

JMFARC is a subsidiary of JM Financial. "These CCDs have been allotted by JMFARC on September 11, 2019 to the company consequent upon its subscription in the rights offer made by JMFARC," it added.

Stock of JM Financial was trading at Rs 75.00 on BSE, up 0.81 per cent from previous close in afternoon trade.

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