JM Financial To Make Credit Solutions Unit A Wholly-Owned Subsidiary

JM Financial Ltd. will acquire the remaining 2.98% stake in JM Financial Credit Solutions Ltd. to make it a wholly-owned subsidiary, the company said in an exchange filing Saturday. It signed a share purchase agreement on Friday with Moraine Master Fund LP to buy 84,343 shares for about ₹889.7 million.

JM Financial already owns 97.02% in the non-banking finance company. The deal is expected to close within 30 days or on a mutually extended date. JM Financial Credit Solutions, a systemically-important NBFC registered with the RBI, reported turnover of ₹8.26 billion in 2024-25, down from ₹13.05 billion the previous year.