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JM Financial Products Ltd, a subsidiary of JM Financial, has acquired 15,05,650 equity shares of India Home Loan Ltd (IHLL) through preferential allotment route.
In a stock exchange notice, JM Financial said, post the acquisition of equity shares, JM Financial Products now holds an aggregate of 34,99,030 equity shares of IHLL. This represents 24.50 per cent of the total post-issue paid-up equity share capital of IHLL.
IHLL, formerly known as Manoj Housing Finance Company Ltd, was incorporated in 1990 under the Companies Act, 1956 in Maharashtra.
Currently, the company operates from branches in urban, semi-urban & rural areas of Maharashtra and Gujarat with own offices, DSA (Direct Selling Agents) and business partners.
IHLL's loan portfolio stood at Rs 23.17 crore as of March-end 2016 (previous year Rs 13.67 crore) for home purchase and construction in the retail home loan segment. Its portfolio was Rs 8.24 crore (previous year Rs 6.11 crore) for mortgage loans and builder loan for long-term housing projects.
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