JM Financial's Asset Reconstruction Subsidiary Raises Rs 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 Rs 183.37 crore of JM Financial Asset Reconstruction Company Ltd.
New Delhi: 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.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Apple iPhone 11 Pro Max Review: More Than Anything Else, The Camera is Truly Pro
- Sanjay Leela Bhansali's Next Film on PM Modi's Youth; Akshay Kumar Unveils First Look
- Dream Girl Box Office Day 4: Ayushmann Khurrana Sets New Benchmark
- 'Caught in the Moment': Virat Kohli Credits Contemplative Pic to Wife Anushka Sharma
- Rats Can Now Be Trained to Play Hide and Seek With Humans. We're Not Kidding.