Bonus issue lifts JM Fin

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The board of directors, at its meeting on May 28, announced a maiden bonus issue to exiting shareholders in the ratio of three bonus shares for every two shares held by the shareholders. The company decided to split the face value of its shares to Rs 1 from the existing Rs 10 a share.

 

The company is engaged in providing securities brokerage, investment banking, asset management and advisory services. It reported a net profit of Rs 1,308 crore (Rs 91 crore) for FY08, including an extra-ordinary income of Rs 1,723 crore. The total consolidated income increased by 67 per cent during the financial year from Rs 444 crore to Rs 742 crore.

The board also recommended a total dividend of 250 per cent (Rs 25 a share) (previous year - 50 per cent) for the year ended March 31, 2008. This includes a special dividend of 200 per cent (Rs 20 a share) considering an exceptional income, being the profit on sale of 49 per cent equity stake in Morgan Stanley India Company to Morgan Stanley.