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JM Financial Credit Solutions’ maiden non-convertible debenture issue worth ₹750 crore got subscribed 2.19 times on the last day on good response from both retail (3.61 times) and high net worth individuals (2.92 times). These two categories constituted 60 per cent of the overall issue. The remaining 40 per cent (institutional and corporates) witnessed tepid response with subscription of 0.37 times and 0.8 times, respectively.
The firm is a systemically-important non-deposit taking non-banking financial company forming part of the JM Financial group and provides secured and unsecured loans to real estate developers with a focus on residential project financing. Its product portfolio consists of project finance, loan against property, loan against shares, projects at early-stage loans, and loan against land.
It commenced lending to real estate developers in 2014 and its clients are located in Mumbai, Pune, Bengaluru, Chennai, Hyderabad, NCR and Kolkata. Its loan book jumped 30 per cent in FY18 and stood at ₹7,338.88 crore as on March 31. On Tuesday, JMFL’s stock closed with gains of 2.86 per cent at ₹136.65 on the BSE.
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