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JM Financial on Thursday said its board approved hiking the investment limit of the Foreign Portfolio Investors (FPIs) from 24% to 40% of the paid-up equity share capital of the company.
The board also approved raising up to Rs 850 crore by way of issue of equity shares and/or any other instruments or securities through qualified institutions placement, private placement/preferential issue/public issue/rights issue or through any other permissible modes and/or combination thereof.
On a consolidated basis, the company's net profit fell 20.7% to Rs 129.59 crore on a 12.7% decline in total income to Rs 851.39 crore in Q2 September 2019 over Q2 September 2018.
JM Financial is a holding company, operating as a core investment company. It offers customized financial solutions to a range of client base. Its segments include investment banking and securities business, fund-based activities, alternative asset management and asset management.
The scrip hit its 52-week high Rs 100 on 22 November, 2019 and 52-week low of Rs 61.45 on 02 August, 2019.
Currently, the stock is trading 6.2% below its 52-week high and 52.64% above its 52-week low.
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