CCI approves JM Financial Group's Rs 2,138 crore acquisition of JMFCSL and JMFARC

JM Financial's stock closed nearly 3% on the National Stock Exchange (NSE) on October 9 at 3:30pm.

The Competition Commission of India (CCI) has approved two significant acquisitions within the JM Financial Group. JM Financial Limited will acquire a 42.99 percent stake in JM Financial Credit Solutions Limited (JMFCSL) for Rs 1,282 crore. Additionally, JMFCSL will acquire a 71.79 percent stake in JM Financial Asset Reconstruction Company Limited (JMFARC) for Rs 856 crore.

These transactions involve JM Financial Limited first acquiring a major share in JMFCSL, which will then proceed to acquire a controlling interest in JMFARC.

JM Financial's stock closed nearly 3% on the National Stock Exchange (NSE) on October 9 at 3:30pm.

JM Financial Limited acts as the parent company of the JM Financial Group. JMFCSL, a subsidiary of JMFL, is a non-deposit taking Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI).

JMFARC, also a subsidiary of JMFL, specializes in acquiring stressed assets from banks and financial institutions and developing strategies to resolve those assets.