The company had posted a net profit of Rs 127.29 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.
During November 2013 to December 2016, the Securities and Exchange Board of India (SEBI) had conducted an investigation in case of alleged trading by Saraogi and his mother-in-law Vimala Devi Kalantri in the scrip of JM Financial Limited (JMFL), the regulator said in its order on Thursday.
The investment of Rs 40 crore was completed in two tranches between July 2019 and June 2020, the company said in a statement.
The QIP witnessed an allotment of 11 crore equity shares at a price of Rs 70 apiece.
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.
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
Moneycontrol was the first to report the firm’s QIP plans on June 6.
A source confirmed the QIP plans to Moneycontrol and said it could be launched within the next few weeks.
ICICI Direct recommended hold rating on JM Financial with a target price of Rs 65 in its research report dated May 12, 2020.
The company reported a total revenue of Rs 840.58 crore in the reporting quarter, registering a growth of 6.12 percent over the same period previous fiscal, it said.
Shareholders have also approved the resolution to "increase investment limits by the Foreign Portfolio Investors (FPIs) from 24 percent to 40 percent of the paid-up equity share capital of the company", the filing said.
The issue will be sold by JM Financial Products, a subsidiary of JM Financial, and will give the investors an annual yield of up to 10 per cent.
The company's total income inched up 0.52 per cent to Rs 905.45 crore, the city-headquartered company said in a statement.
Total income of the company fell to Rs 851.39 crore during the three months to September this fiscal, as against Rs 975.70 crore in same period of 2018-19, JM Financial said in a regulatory filing.
Deal to happen in 2 tranches, based on achievement of milestones. Innovcare plans to use the funds to augment its current product portfolio.