JM Financial to raise Rs 134 cr | india | Hindustan Times
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JM Financial to raise Rs 134 cr

JM Financial will raise Rs 134.29 cr through preferential allotment of 21.01 lakh equity shares at a price of Rs 639 per share.

india Updated: May 04, 2006 14:38 IST

JM Financial Ltd said on Thursday that it will raise Rs 134.29 crore through preferential allotment of 21.01 lakh equity shares at a price of Rs 639 per share to a host of investors including Wipro Chairman Azim Premji.

The company would also issue 8.75 lakh shares to Azim H Premji and upto 12.26 lakh equity shares to non resident investors. Upto 8.75 lakh equity shares would be issued to domestic investors, JM Financial informed the Bombay Stock Exchange.

The shares having a face value of Rs 10 would be allotted at a premium of Rs 629 per share.

It would also allot 2.26 lakh shares to Tiger Global Management and 10 lakh shares to Blue Ridge Ltd Partnership or its other fund affiliates.

The issued and subscribed equity capital of the company would be Rs 30 crore after the proposed preferential issue.

The issue and allotment would be subject to statutory, regulatory, corporate and other approvals including that of FIPB, RBI, shareholders, SEBI and Stock Exchanges.

JM Financial will also allot 23.73 lakh equity shares to the shareholders of JM Securities, with which it is merging.

The company's shares were trading at Rs 671, up 0.01 per cent at the BSE.