JM Financial allots 1,16,46,939 Warrants on Preferential Basis

The Allotment Committee of the Board of Directors of JM Financial Ltd, at its meeting held on June 27, 2013, has allotted 1,16,46,939 Warrants. The allottees include Mr. Hariharan Ramamurthi Aiyar (58,23,470 warrants at Rs. 19.05 per warrant) from whom the amount of consideration received (25% of the Issue price) is Rs.2,77,34,276 and Mrs. Aparna Murthy Aiyar (58,23,469 warrants at Rs.19.05 per warrant) and the amount of consideration received (25% of the Issue price) is Rs.2,77,34,271.

Thus, the company has allotted 1,16,46,939 warrants and received the consideration (25% of the Issue price) of Rs.5,54,68,547. The above Warrants entitles the above allottees to apply for and be allotted one equity share for each Warrant held by them on payment of balance 75% of the issue price within 18 months from the date of allotment of Warrants.

Further, the Members of the Company at their Extraordinary General Meeting held on June 14, 2013 had passed the Special Resolution approving the issue of an aggregate of 2,32,93,878 Warrants on preferential basis to certain investors. The allotment of remaining 1,16,46,939 Warrants to Mr. Vikram Shankar Pandit, a Non-resident Indian, would be made upon receipt of approval of Foreign Investment Promotion Board.

Shares of JM Financial Ltd was last trading in BSE at Rs.27.35, up by Rs.0.40 or 1.48%. The stock hit an intraday high of Rs.27.65 and low of Rs.26.45.

The total traded quantity was 8.52 lakhs compared to 2 week average of 9.24 lakhs.

Source : Equity Bulls

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