JM Financial on Tuesday announced that it has acquired the remaining 2.98% stake in its key subsidiary, JM Financial Credit Solutions Ltd (JMFCSL), from Moraine Master Fund LP, thereby making the lending arm a wholly-owned subsidiary.
The acquisition involved 84,343 equity shares, representing 2.98% of JMFCSL’s equity capital, and was completed on July 1. The deal, valued at approximately ?88.97 crore, was executed through a cash transaction based on a share purchase agreement signed on June 27.
With this transaction, JM Financial’s stake in JMFCSL has increased from 97.02% to 100%, granting it full control over the non-banking financial company.