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JM Financial subsidiary buys 17.53% stake in India Home Loan




JM Financial subsidiary, JM Financial Products has acquired over 19 lakh shares of India Home Loan(IHL).

“JM Financial Products Ltd, a subsidiary of the company, today acquired 19,93,380 shares of India Home Loan representing 17.53 per cent of the total paid-up equity share capital of IHL through second purchase route,” JM Financial said in a regulatory filing.

Earlier on October 20, the company had disclosed its plan of about buying the stake in Mumbai-based IHL by acquiring full holding of one of the promoters and another’s non locked-in shares.

The valuation of the deal was not provided.

Nimesh Kampani-led JM Financial is a financial services group offering investment banking, institutional equity sales, trading, research and broking, wealth management, asset management broking and NBFC services.

IHL is a housing finance company which offers retail home loan product for affordable housing segment. It offers home loans to customers and for construction of a dwelling unit on an owned plot.

JM Financial stock closed 15.56 per cent down at Rs 59.95 while IHL scrip ended down by 4.97 per cent to Rs 76.45 a share on BSE.

Source : Economic Times

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