In a legal submission on Sunday, JM Financial said that JMFCSL has executed an investment agreement with Bajaj Allianz Life Insurance to sell 1.36 crore shares shares, which represents a 2.10 percent interest in JM Financial Home Loans LTD on RS 48 each.
The total deal value is RS 65.50 Crore.
The transaction, planned for completion before 31 August, will reduce the shareholding of JM Financial Credit Solutions in the JMFHLL’s subsidiary from the home loans from 8.98 percent to 6.88 percent.
Consequently, the effective interest of JM Financial in JMFHLL, through his subsidiaries, will fall from 98.76 percent to 96.66 percent, it added.
JMFHLL reported a total income of RS 368.45 Crore in the financial year ending on March 31, 2025, which contributed 8.27 percent to the consolidated income of JM Financial. The power was on RS 797.43 Crore, accounting for 8.24 percent of the consolidated power. Bajaj Allianz Life Insurance, a joint venture between Bajaj Finnier and the Allianz SE in Germany, is one of the leading private life insurers in the country. The insurer does not belong to the promoter of JM Financial or Group Companies.
JM Financial said that the ring sales do not form a transaction with connected parties and falls outside a scheme schedule.
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