JM Financial Investment Managers to acquire stake in Spandana Sphoorty Financial
JM Financial announced that its subsidiary, JM Financial Investment Managers has executed the share purchase agreement to acquire equity shares of Spandana Sphoorty Financial ('Spandana') through a secondary purchase in two tranches representing 16.26% of its current outstanding total equity shares. On a fully diluted basis, the said acquisition would result in the holding of 6.41% in Spandana post the preferential issue and exercise of the warrants/ESOPs by the promoters/employees of Spandana as per the other agreements executed by Spandana.Spandana is engaged in the business of microfinance providing small ticket unsecured loans largely to women of low income households in rural and urban areas, with average loan tenure of one to two years.
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