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JM Financial acquires 49.16 lakh convertible CCDs of ARC arm

Capital Market 

JM Financial announced that the company has acquired 49,16,104 Compulsorily Convertible Debentures ('CCDs') (convertible into 4,91,61,040 equity shares as per the terms of the issue) of face value of Rs. 373/- each for cash aggregating Rs. 183.37 crore of JM Financial Asset Reconstruction Company ('JMFARC'), a material subsidiary of the Company.

The aforesaid CCDs have been allotted by JMFARC on 11 September 2019 to the Company consequent upon its subscription in the Rights Offer made by JMFARC.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 12 2019. 12:32 IST