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JM Financial Ltd.

BSE: 523405 Sector: Financials
NSE: JMFINANCIL ISIN Code: INE780C01023
BSE 14:20 | 15 Oct 80.70 0.50
(0.62%)
OPEN

81.00

HIGH

81.90

LOW

79.30

NSE 14:09 | 15 Oct 80.75 0.35
(0.44%)
OPEN

80.45

HIGH

82.15

LOW

79.25

OPEN 81.00
PREVIOUS CLOSE 80.20
VOLUME 89093
52-Week high 190.95
52-Week low 68.65
P/E 155.19
Mkt Cap.(Rs cr) 6,776
Buy Price 80.70
Buy Qty 23.00
Sell Price 80.85
Sell Qty 280.00
OPEN 81.00
CLOSE 80.20
VOLUME 89093
52-Week high 190.95
52-Week low 68.65
P/E 155.19
Mkt Cap.(Rs cr) 6,776
Buy Price 80.70
Buy Qty 23.00
Sell Price 80.85
Sell Qty 280.00

JM Financial Ltd. (JMFINANCIL) - Company History

JM Financial Limited is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients. The Group's businesses include investment banking wealth management and securities business; mortgage lending; distressed credit and asset management business (mutual fund).JM Financial Limited was incorporated on 30th January of the year 1986 under the name of JM Share & Stock Brokers (JMSSB). JM Financial was started as a private limited company as an arm of JM Financial & Investment Consultancy Services. As at 15th June of the year 1988 the company was converted as a deemed public limited company and subsequently the company became a public company by making necessary alterations in its Articles of Association. The Company entered into a Joint Venture agreement with Morgan Stanley in December of the year 1997. During the year 2001 the company redeemed last installment of 14% Debenture and also repaid part of its unsecured loans to its promoters with the ultimate objective of bringing down the borrowing and making the company a Zero Debt Company.During the year 2004 the company had changed its name from JM Share & Stock Brokers to JM Financial Limited. J.M. Securities Private Limited was amalgamated with the company in the year 2006. JM Financial had launched a corporate private equity fund in August of the same year 2006 under the name of JM Financial India Fund with US-based Old Lane Partners LP being the lead investor/co-sponsor to the Fund. As of August 2007 the company had launched a unique Portfolio Management Scheme that aims to offer 100% capital protection as well as potential capital appreciation based on the Dynamic Portfolio Insurance (DPI) methodology. As at March of the year 2008 JM Financial had acquired JM Financial ASK Securities Private Limited. The Company has opened a full fledged branch at Vizag the port city of Andhra Pradesh in the month of September of the same year 2008.On 3 June 2010 Rand Merchant Bank (RMB) a division of FirstRand Limited (FirstRand) and JM Financial Consultants Private Limited agreed to enter into a strategic co-operation to provide M&A advisory services to Indian and African corporates for their activities in the Indo-Africa corridor. JM Financial Consultants Private Limited is the investment banking division of JM Financial Group. The MoU signed between RMB and JM Financial Consultants will enable corporates at both destinations to explore and leverage opportunities in the economies of India and Africa. According to the MoU JM Financial and RMB will jointly provide M&A advisory services to Indian clients seeking to make investments into entities or transactions in Africa; and South African and African clients seeking to make investments in entities or transactions in India.On 20 November 2014 JM Financial Limited announced that it has received a significant capital investment of Rs 540 crore from a global fund led by Mr. Vikram Pandit in its real estate lending subsidiary company FICS Consultancy Services Limited (FICS). JM Financial Limited has provided additional capital of Rs 360 crore to this business bringing the total capital commitment to Rs 900 crore. The additional capital will enhance the real estate lending and financing business of JM Financial.The Allotment Committee of the Board of Directors of JM Financial Ltd at its meeting held on 11 December 2014 allotted 1.16 crore equity shares of the face value of Rs 1 each to Mr. Vikram Shankar Pandit a Non Resident Indian upon the exercise of right by him as a warrant holder.On 17 August 2015 JM Financial Ltd announced that its Wholly Owned Subsidiary (WOS) JM Financial Institutional Securities Limited has entered into a Memorandum of Understanding with Seabury Corporate Finance LLC a subsidiary of Seabury Group LLC for strategic co-operation to provide Investment Banking advisory services to Indian corporates for their activities in the Aviation Aerospace and Defense business. Under the agreement JM Financial and Seabury will jointly provide investment banking advisory services to each party's clients who may be seeking investment opportunities or may like to identify suitable strategic partnerships for their respective businesses. Both companies will seek to leverage their client relationships as well as their regional and domestic expertise in a mutually beneficial manner.On 9 May 2016 JM Financial Products Limited a subsidiary of JM Financial Ltd executed the Agreement to acquire securities representing upto 9.84% (on a fully diluted basis) of the total paid up capital of Fairassets Technologies India Private Limited. Fairassets Technologies India Private Limited is engaged in the business of operating a web portal and mobile application by the name of Faircent.com which provides a virtual peer to peer lending marketplace.On 30 September 2016 JM Financial Limited announced that JM Financial Asset Reconstruction Company Private Limited has become a subsidiary of the company with effect from 30 September 2016. The shareholding of the company in JM Financial Asset Reconstruction Company has increased from 50% to 50.01%.On 15 November 2016 JM Financial Products Limited a subsidiary of JM Financial Limited acquired 19.93 lakh equity shares of India Home Loan Limited (IHL) representing 17.53% of the total paid up equity share capital of IHL through secondary purchase route. On 2 December 2016 JM Financial Products Limited acquired further 15.05 lakh equity shares of India Home Loan Limited (IHL) through preferential allotment route. After the above acquisition JM Financial Products Limited holds an aggregate of 34.99 lakh equity shares of IHL representing 24.50% of the total post issue paid up equity share capital of IHL. 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 Limited 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 Limited.On 30 March 2017 JM Financial Limited announced that its subsidiary company JM Investment Managers Limited has executed the share purchase agreement to acquire equity shares of Spandana Sphoorty Financial Limited (Spandana) through a secondary purchase in two tranches representing 16.26% of its current outstanding total equity shares. On a fully diluted basis the said acquisition would result in the holding of 6.41% in Spandana post the preferential issue and exercise of the warrants/ESOPs by the promoters/employees of Spandana as per the other agreements executed by Spandana.The Board of Directors of JM Financial Asset Management Limited a subsidiary of JM Financial Limited at its meeting held on 24 April 2017 approved the buy-back of up to 10% of the outstanding equity capital subject to the necessary approvals as may be required.The Board of Directors of JM Financial Limited at its meeting held on 2 May 2017 accorded its approval to the Composite Scheme of Amalgamation and Arrangement between the company and its Wholly Owned Subsidiaries viz. JM Financial Institutional Securities Limited and JM Financial Investment Managers Limited. The Scheme inter alia comprises the demerger of the Institutional Equities Division of JM Financial Institutional Securities Limited into a new company proposed to be incorporated as part of this arrangement and merger of JM Financial Institutional Securities Limited and JM Financial Investment Managers Limited into the company.On 7 July 2017 JM Financial Limited announced that JM Financial Asset Management Limited has completed buy back of 9.95% of its outstanding equity capital. Consequent upon the said buy back the shareholding of JM Financial Limited in JM Financial Asset Management Limited has increased from 53.21% to 59%.On 18 July 2017 JM Financial Products Limited a subsidiary of JM Financial Limited completed the first leg of acquisition of 24.35 lakh equity shares of Spandana Sphoorty Financial Limited (Spandana) representing 8.56% of the current outstanding total equity shares of Spandana. On a fully diluted basis the said acquisition would result in the holding of 4.71% in Spandana.On 1 September 2017 JM Financial Products Limited (JM Financial Products) a subsidiary of the JM Financial Limited executed the agreement(s) to acquire equity shares/compulsorily convertible securities of Vendiman Private Limited (Vendiman) in two tranches. Post conversion on a fully diluted basis the said acquisition would result in the holding of upto 41.21%. The proposed acquisition by JM Financial Products is with the intention to transfer the entire equity stake in Vendiman (after factoring the carrying cost for the period it remains with JM Financial Products) to a Fund/Trust that is sponsored/managed by JM Financial Investment Managers Limited the asset management company for Alternative Assets business in the JM Financial Group. This is subject to receipt of all the required approvals if and to the extent required.On 24 November 2017 JM Financial Limited announced that JM Financial Home Loans Limited a step down subsidiary of the company has received certificate of registration from National Housing Bank for carrying out housing finance activities. JM Financial Home Loans commenced housing finance business in December 2017 with a focus on affordable housing.The Committee of the Board of JM Financial Limited at its meeting held on 6 February 2018 approved the allotment of 4.01 crore equity shares to the eligible qualified institutional buyers at the issue price of Rs 162 per equity share aggregating to Rs 650 crore under the SEBI Regulations and Section 42 of the Companies Act 2013. Earlier the company's Board of Directors at its meeting held on 2 February 2018 approved closure of the qualified institutional investors (QIIP) issue on 2 February 2018.On 14 March 2018 JM Financial Products Limited announced that it has further acquired an aggregate of 7.60 crore equity shares of the face value of Rs 10 each of JM Financial Asset Reconstruction Company Limited a subsidiary of the company pursuant to the allotment of 7.40 crore equity shares subscribed by the company on rights basis and 20.41 lakh shares by way of secondary transfer. Consequent to the above acquisition the shareholding of the company in JM Financial Asset Reconstruction Company Limited has increased from 50.01% to 57.07%.On 16 April 2018 JM Financial Products Limited a subsidiary of JM Financial Limited completed the second leg of acquisition of 8.78 lakh equity shares of Spandana Sphoorty Financial Limited (Spandana). With this acquisition JM Financial Products' holding is 12.95% of the current outstanding total equity shares of Spandana and 6.47% on a fully diluted basis. On 25 May 2018 JM Financial announced that its subsidiary company viz. JM Financial Products Limited has transferred its entire equity and preference shareholding in Vendiman Private Limited to JM Financial India Fund II (a scheme of JM Financial India Trust II A SEBI registered Category II Alternate Investment Fund). Further JM Financial Products Limited has transferred 18.37 lakh shares in Spandana Sphoorty Financial Limited (Spandana) to JM Financial India Fund II. With the above transfer and conversion of preference shares by a few shareholders of Spandana JM Financial Products' holding in Spandana has reduced to 3.75% of its existing outstanding total equity shares and on a fully diluted basis it has reduced to 3.39%.