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JM Financial on Monday said that it has raised ₹770 crore through qualified institutional placement. The company has issued and allotted 11 crore equity shares of the face value of ₹1 each to qualified institutional buyers at an issue price of ₹70 each.
Vishal Kampani — Managing Director, JM Financial Group, said: “The equity fund-raise further strengthens our balance sheet amid the uncertainties related to Covid-19 by augmenting our existing cash and cash equivalents, which stood at ₹3,412 crore as of March 31, 2020. The fund-raise also provides us the ability to leverage the capital to tap into the growth opportunities at an appropriate time.” The issue was subscribed by global and domestic investors. Shares of JM Financial closed at ₹1.95 per cent lower at ₹73.05 on the BSE.
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