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Financial services firm JM Financial’s board of directors are set to consider a proposal for issuing warrants on a preferential basis in its meeting on Thursday.
“….a meeting of the Board of Directors of the Company will be held on May 16, 2013, inter alia, to consider the issuance of warrants to the investor(s) on a preferential basis....and to consider other allied matters,” said an exchange notification.
The Group has interests in investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, NBFC (Non Banking Finance Company) activities, private equity and asset reconstruction, according to a note on its website.
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The stock was at Rs 19.4, up 5.15% at the time of writing.
The March quarter results are yet to be announced.
The shareholding pattern for the quarter however reveals that foreign institutional investors have raised their stake in the company to 9.46% from 8.89% in December.
It had revenue of Rs 2.69 crore in the December quarter and a net profit of Rs 26 lakhs. It had an operating profit margin of 16.64% and a net profit margin of 9.73% in the December quarter.
