JM Financial Limited (BSE:523405) agreed to acquire an additional 42.99% stake in JM Financial Credit Solutions Limited for INR 12.8 billion on July 6, 2024. A cash consideration of INR 12.82 billion will be paid by JM Financial Limited. As part of consideration, INR 12.82 billion is paid towards common equity of JM Financial Credit Solutions Limited.

Upon completion, JM Financial Limited will own 95.64% stake in JM Financial Credit Solutions Limited. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.

The expected completion of the transaction is October 4, 2024 to January 2, 2025.