JM Financial Products executed agreement to acquire 24.5% stake in India Home Loans
JM Financial announced that JM Financial Products, a subsidiary of the Company, has on 20 October 2016 executed the agreement(s) to acquire equity shares representing up to 24.50% (on a fully diluted basis) of the total paid up equity share capital of India Home Loans (IHL) through secondary purchase and/or preferential allotment route.The acquisition as above by JM Financial Products is with the intention to transfer the entire equity stake in IHL (after factoring the carrying cost for the period it remains in the books of JM Financial Products) to a Fund/Trust to be established and managed/sponsored by JM Financial Investment Managers, the asset management company for Alternative Assets business in the JM Financial Group.
IHL is engaged in the business of providing home loans to individuals and families in the affordable housing segment. The equity shares of IHL are currently traded on the BSE.
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