JM Financial subsidiary JM Financial Products has acquired over 1.9 million shares in India Home Loan (IHL), translating into over 17 per cent in the firm.
Earlier on October 20, the company had disclosed its plan of about buying the stake in Mumbai-based IHL by acquiring full holding of one of the promoters and another’s non locked-in shares.
The valuation of the deal was not provided.
Nimesh Kampani-led JM Financial is a financial services group offering investment banking, institutional equity sales, trading, research and broking, wealth management, asset management broking and NBFC services.
IHL is a housing finance company which offers retail home loan product for affordable housing segment.
It offers home loans to customers and for construction of a dwelling unit on an owned plot.
JM Financial stock closed 15.56 per cent down at Rs 59.95, while IHL scrip ended down by 4.97 per cent to Rs 76.45 a share on BSE.