JM Financial Subsidiary Allots ₹162.59 Cr Rights Shares

JM Financial Credit Solutions Limited (JMFCSL), a wholly owned subsidiary of JM Financial Ltd, has received an allotment of 16,25,85,928 equity shares of ₹10 each, aggregating ₹162.59 crore, on a rights basis. The shares were issued by JM Financial Asset Reconstruction Company Limited (JMFARC), a subsidiary of JMFCSL and a step-down subsidiary of JM Financial Ltd. The rights issue aims to meet JMFARC's working capital requirements, finance growth plans, and for general corporate purposes. Following this investment, JMFCSL's holding in JMFARC increased from 81.77% to 84.87%. JMFARC is an RBI-registered asset reconstruction company involved in acquiring and resolving stressed assets.