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JM Financial shares up 3% on launch of Rs 770 crore QIP

The QIP has been launched at an indicative price of Rs 70 per share, which represents a 1.41 percent discount to the last closing price on June 9.

June 10, 2020 / 09:56 AM IST
 
 
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JM Financial share price jumped over 3 percent at open on June 10 after the company launched a qualified institutional placement.

The stock is the top BSE midcap gainer and was quoting at Rs 72.85, up Rs 1.95, or 2.75 percent.

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The company launched a QIP, with an indicative issue size of $101.8 million, or up to Rs 770 crore, sources in the know told Moneycontrol.

The QIP has been launched at an indicative price of Rs 70 per share, which represents a 1.41 percent discount to the last closing price on June 9, according to one of the persons cited above. Another person confirmed the QIP details.

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Both individuals spoke to Moneycontrol on the condition of anonymity.

Moneycontrol was the first to report JM Financial’s fundraising plans via a QIP on June 6 and had also reported earlier that a launch was likely on June 9.

ICICI Securities and IDFC Securities are merchant bankers on the deal. Law firm Cyril Amarchand Mangaldas advised JM Financial while Khaitan & Co advised merchant bankers, according to exchange filings by the company.

According to Moneycontrol SWOT Analysis powered by Trendlyne, JM Financial has zero promoter pledge with FII / FPI or Institutions increasing their shareholding.

Moneycontrol technical rating is bullish with technical indicators and moving averages being bullish.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Moneycontrol News
first published: Jun 10, 2020 09:56 am

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