JM Financial's subsidiary to raise up to Rs 500 crore

New Delhi: JM Financial on Thursday said its subsidiary JM Financial Products Ltd plans to raise up to Rs 500 crore through public issue of bonds. "JM Financial Products has filed the shelf prospectus and tranche I prospectus with the Registrar of Companies, Mumbai and the Sebi," JM Financial said in a regulatory filing.

The subsidiary will come out with tranche I issue of secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,000 each with a base issue size of Rs 100 crore. There will be an option to retain oversubscription of up to Rs 400 crore, aggregating up to Rs 500 crore.

Shares of JM Financial closed nearly flat at Rs 91.40 apiece on the BSE.