JM Financial raises Rs 770 crore via QIP route

Mumbai: JM Financial said on Monday it has raised Rs 770 crore through the qualified institutions placement (QIP) route.

The company said it has issued and allotted 11 crore equity shares of face value of Re 1 each to qualified institutional buyers at an issue price of Rs 70 each, including a securities premium of Rs 69 per equity share. The issue was subscribed by global and domestic investors, said JM Financial.

“The equity fund raise further strengthens our balance sheet amid the uncertainties related to Covid-19 by augmenting our existing cash and cash equivalents, which stood at Rs 3,412 crore as of March 31, 2020,” said Vishal Kampani, managing director, JM Financial Group


“The capital raise also provides us the ability to leverage the capital to tap into the growth opportunities at an appropriate time,” he added.

At 3:06 pm, JM Financial shares were down 1.16 per cent at Rs 73.30 a share, while BSE’s benchmark Sensex traded 1.63 per cent lower at 33,231.05 points.