JM Financial's subsidiary, JM Financial Products Ltd has completed the acquisition of 24.5 per cent stake in India Home Loan (IHL).
"JM Financial Products Ltd, a subsidiary of the company, on December 2, 2016, acquired further 15,05,650 shares of India Home Loan Ltd (IHL) through the preferential allotment route.
After the above acquisition, JM Financial Products holds an aggregate of 34,99,030 shares of IHL, representing 24.5 per cent of the total post-issue paid-up share capital of IHL," JM Financial said in a regulatory filing.
On October 21, J M Financial had said its subsidiary will acquire 24.5 per cent stake in India Home Loan on a preferential allotment basis.
It said it will transfer the entire equity stake in IHL to a fund/trust to be established and managed or sponsored by JM Financial Investment Managers Ltd, the asset management company for alternative asset business in the group.
A day before the announcement, IHL had said the JM Financial group will buy over 17 per cent stake in India Home Loan from two of its promoters, in addition to 15,05,650 shares allotment on a preferential basis from the company.
Mumbai-based IHL is into the business of offering home loans to individuals and families in the affordable housing segment.
A career investment banker, Kampani is the founder and chairman of the JM Financial group.