JM Financial up 9% on warrant issue buzz

Market is abuzz with speculation that JM may issue warrance to a large foreign financial services firm

Shares of JM Financial jumped ahead of the board meeting today which is being held to decide on preferential allotment of warrants to investors. The market is abuzz with speculation that JM may issue the warrants to a large foreign financial services firm, which has tied-up with a large Indian business house.

A JM spokesperson declined to comment on the matter.  The stock was up 9 per cent at Rs. 22.25 at 1:00 PM.

Talk of JM Financial looking to sell a stake to a large corporate has been doing the rounds for a while, brokers said.