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JM Financial has raised Rs.650 crore via qualified institutional placement to global and domestic investors. It was oversubscribed by over 3 times.
The issue was launched on January 30, and closed on February 2, it’s price per share was at Rs.162 and face value of Re.1. The floor price was set at Rs.161.44.
Further, the company in a filing to the exchanges stated that, it will be utilizing the capital to strengthen the balance sheet of its lending business. The issue was managed by the Swiss brokerage Credit Suisse and domestic brokerage IDFC.
