JM Fin to raise Rs 171cr via pref float

The board of directors of JM Financial, which met today, approved a proposal to issue 42 lakh equity shares of Rs 10 each at Rs 408 per share on preferential basis to raise Rs 171 crore.

According to a release issued by JM Financial to the BSE today, the board approved proposals to issue 21 lakh shares to Tiger Global L.P (16,44,300 shares), Tiger Global II L.P (39,900 shares) Tiger Global (4,15,800 shares).

"Blue Ridge Partnership (13,02,000 shares) and Blue Ridge Offshore Master Partnership (7,98,000 shares) have been alloted 21 lakh shares," the release added.