JM Financial acquires full control of NBFC arm from Moraine Fund

Mumbai, Jul 1 (PTI) JM Financial on Tuesday said it has acquired the remaining 2.98 per cent stake in its material subsidiary JM Financial Credit Solutions Ltd (JMFCSL) from Moraine Master Fund LP, making the lending arm a wholly-owned subsidiary.

The acquisition of 84,343 equity shares representing a 2.98 per cent of the equity share capital was completed on July 1, pursuant to a share purchase agreement signed on June 27 between the parties. The transaction, valued at around Rs 88.97 crore, was carried out through cash consideration, JM Financial said in a regulatory filing.

Following the acquisition, JM Financial's stake in JMFCSL has risen from 97.02 per cent to 100 per cent, giving it complete control over the non-banking financial company.

The company said this move is expected to enhance its share in consolidated profits and improve capital allocation and profit distribution capabilities within the group.

Incorporated in 1980, JMFCSL is registered with the Reserve Bank of India (RBI) as a systemically important non-deposit taking NBFC. It is classified as a Middle Layer NBFC under the RBI's Scale Based Regulations framework.

The company reported a turnover of Rs 826.23 crore for the financial year ended March 2025. PTI HG MR