JM Financial Ltd. Approves Acquisition of 48.96% Stake in JM Financial Credit Solutions Ltd. from INH Mauritius and Sale of 71.79% Stake in JM Financial Asset Reconstruction Company Ltd. to JM Financial Credit Solutions Ltd.

JM Financial Ltd. has approved the acquisition of up to 13,84,087 equity shares representing 48.96% of the equity share capital of JM Financial Credit Solutions Ltd. (JMFCSL) from INH Mauritius. The acquisition will be done in one or more tranches, with the first tranche (Tranche 1) comprising of acquiring up to 12,15,296 equity shares representing 42.99% of the equity share capital of JMFCSL for a consideration of approximately Rs. 1282 Crore. Post completion of the Proposed Acquisition of Tranche 1, the shareholding of the Company in JMFCSL will increase from 46.68 % to 89.67%. The Company has also approved the sale of up to 57,09,32,034 equity shares held by the Company, representing 71.79% of the equity share capital of JM Financial Asset Reconstruction Company Ltd. (JMFARC) to JMFCSL for a cash consideration of approximately Rs. 856 Crore. Post completion of the Proposed Sale, the shareholding of the Company in JMFARC will become 'Nil' and it will cease to be a direct subsidiary of the Company.