JMFL arm adds stake in Spandana

JM Financial Products (JMFP), a subsidiary of JM Financial, has completed the second leg of acquisition of over 8.78 lakh equity shares of Spandana Sphoorty Financial. With this acquisition, JM Financial Products’ holding is 12.95 per cent of the current outstanding total equity shares of Spandana and 6.47 per cent on a fully diluted basis. Spandana is a public limited company registered with the RBI as an NBFC micro finance institution. On July 18, 2017, JMFP said it had completed the first leg of acquisition of over 24.35 lakh shares of Spandana.