JM Financial has taken in JM Financial Asset Reconstruction Company Private Limited as a subsidiary with effect from September 30, 2016.
The shareholding of JM Financial in the Asset Reconstruction Company has increased from 50% to 50.01%.
Today, JM Financial share price opened at Rs. 65 against its previous close of Rs. 64.65. The stock hit an intraday high of Rs. 73.20. The stock's opening price had remained its intraday low till now. So far, 28 lakhs shares have changed hands over the NSE counter as compared to the twenty day average of 8.5 lakhs.
JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.
Also, Former Citigroup’s chief executive officer Vikram Pandit’s declaration of buying a 3 percent stake in the financial services company, JM Financial is a big boost for the company’s ambitious plan to get into the banking sector. The company is being run by Nimesh Kampani, a friend of Vikram Pandit.
The ex- Citigroup’s CEO has decided to invest $110 million in JM Financial and non-banking financial company (NBFC). He will be nominated as non-executive chairman of the JM Financial’s proposed bank. Vikram Pandit will also invest up to $200 million through his global funds. In consequence, he will get 3 percent stake in the parent company and 50 percent stake in JM’s NBFC.
Vikram Pandit’s presence in JM Financial will play a vital role since he has headed one of the biggest global banks. He is credited for ridding the bank out of the financial chaos it was inflicted upon following the sub-prime crisis in the U.S. Therefore, the utter size of the company he has handled will make his presence a strong case for obtaining a banking license, since the size of the proposed bank will be small compared to Citigroup.
JM Financial is the Multibagger stock picked by Dynamic Levels for the month. For the details on the stock, visit JM Financial share price history page of Dynamic Levels website.
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