JM Financial’s asset reconstruction subsidiary raises ₹183 crore debt from parent firm

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 ₹183.37 crore of JM Financial Asset Reconstruction Company Ltd (JMFARC).

JM Financial Asset Reconstruction Company has raised up to ₹183 crore by allotting compulsory convertible debentures (CCDs) to its parent firm JM Financial.

Stock of JM Financial was trading at ₹75.00 on BSE. (PTI photo ( Representational image))

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 ₹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 ₹75.00 on BSE, up 0.81 per cent from previous close in afternoon trade.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)