Financial Daily from THE HINDU group of publications
Friday, May 05, 2006
Financial Daily from THE HINDU group of publications Friday, May 05, 2006 |
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Info-Tech
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Preferential Allotments Investment firms, Premji to get pref shares in JM Fin Our Bureau
Mumbai , May 4 Mr Azim Premji, founder and CMD, Wipro Ltd, will buy 8.75 lakh shares in the Mumbai-based investment bank JM Financial Ltd at Rs 639 per share through a preferential share allotment valued at about Rs 56 crore. JM Financial also decided to make preferential allotments of about 12.23 lakh shares to two New York-based investment firms, the company said in a release here. Blue Ridge Ltd Partnership and Blue Ridge Offshore Master Ltd Partnership will buy 10 lakh equity shares, while Tiger Global Management will buy the remaining stake. The two investment firms will also buy the shares at Rs 639 per share. JM Financial did not disclose what percentage of the company's equity base the preferential shares would constitute. The issued paid-up capital of the company would be Rs 30 crore after the proposed preferential issue, the release said. The company has convened its extraordinary general meeting on June 1 for getting shareholders' approval for the proposal. Shares of JM Financial ended at Rs 671.45 nearly unchanged from the previous close of Rs 670.90 on the Bombay Stock Exchange.
More Stories on : Preferential Allotments | Investment Banking | Wipro Ltd
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