New Delhi, 9 October (H.S.):

Competition Commission of India (CCI) has approved acquisition of 42.9% of

the total paid up share capital of JM Financial Credit Solutions Limited by JM

Financial Limited, and acquisition of 71.7% of the total paid up share

capital of JM Financial Asset Reconstruction Company Limited by JM Financial

Credit Solutions Limited.

The Proposed Combination envisages two simultaneous acquisitions,

acquisition of 42.99% of the total paid up share capital of JM Financial Credit

Solutions Limited (JMFCSL) by JM Financial Limited (JMFL), and acquisition of

71.79% of the total paid up share capital of JM Financial Asset Reconstruction

Company Limited (JMFARC) by JMFCSL.

JMFL is the operating cum holding company of the JM Financial Group (JMFL

Group), that provides integrated and diversified financial services on its own

and through its subsidiaries. It is a publicly listed company on BSE Limited

and National Stock Exchange of India Limited. JMFL’s primary business includes

investment banking business, private equity fund management, along with

undertaking operations of private wealth and portfolio management services.

JMFCSL, a subsidiary of JMFL, is a systemically important non-deposit

taking Non-Banking Finance Company (NBFC) and is classified as an investment

and credit company, categorized as middle layer NBFC, registered with the

Reserve Bank of India (RBI). It is currently engaged in wholesale lending

activities with primary focus on real estate financing and corporate financing.

JMFARC, a subsidiary of JMFL, is an asset reconstruction company,

registered with the RBI, under the Securitisation and Reconstruction of

Financial Assets and Enforcement of Security Interest Act, 2002. It is engaged

in the business of acquisition of stressed assets from banks / financial

institutions and implementing resolution strategies for the acquired assets.

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Hindusthan Samachar / Nimish kumar