/ JM Financial's Arm Starts Acquisition Of Spandana ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 19 July 2017

JM Financial Limited announced on Tuesday that its subsidiary JM Financial Investment Managers Limited has executed the share purchase agreement in order to acquire equity shares of Spandana Sphoorty Financial Limited via a secondary purchase in two tranches representing 16.26% of its current outstanding total equity shares.

The proposed acquisition would result in the holding of 6.41% in Spandana post the preferential issue and exercise of the warrants or ESOPs by the promoters of the Spandana as per the other agreements executed by Spandana.

The deal was with the intention of transfer of their entire or partial equity stake in Spandana to a fund or trust that is sponsored or managed by JM Financial Investment Manager Limited or any other entity in JM Financial Group.

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