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Board of Directors Approves the Merger of J.M.Securities Private Limited with JM Financial Limited
Mumbai, Jan 23, 2006: The Board of Directors of JM Financial Limited and J. M. Securities Private Limited had approved the proposal for merger of J. M. Securities Private Limited with JM Financial Limited at their respective meetings held on September 16, 2005 subject to satisfactory receipt of various statutory and other approvals that may be required from the authorities including the High Court, Mumbai. The Share Swap ratio for the proposed merger as recommended by the independent valuer was approved by the respective Boards on October 6, 2005. The Appointed date fixed for the purpose of proposed merger is November 1, 2005.
The following additional information, though not statutorily required to be given, with respect to the un-audited financials prepared on a consolidated basis for the nine months period ended December 31, 2005 is given below for the information of the shareholders and investors:
|
Rs. in Lacs |
|
Particulars |
Six months ended September 30, 2005 |
Three months ended December 31, 2005 |
Nine months ended December 31, 2005 |
Year ended March 31, 2005 |
|
Total Income |
105.04 |
89.60 |
194.64 |
229.11 |
|
Profit before Tax & Extra ordinary items |
50.44 |
28.75 |
79.19 |
93.96 |
|
Less/(Add): Extra ordinary items (reversal) |
- |
- |
- |
4.00 |
|
Profit before tax but after Extra-ordinary Items |
50.44 |
28.75 |
79.19 |
89.96 |
|
Net Profit after Tax but before minority interest & share of profit/(loss) in associate companies |
34.89 |
19.84 |
54.73 |
61.99 |
|
Less: Minority interest |
10.72 |
4.59 |
15.31 |
17.47 |
|
Add: Share of profit/(loss) in associate companies (excluding extra ordinary items) |
(0.29) |
(0.67) |
(0.96) |
(1.44) |
|
Net Profit after tax (excluding extra ordinary items relating to associate companies) |
23.88 |
14.57 |
38.45 |
43.08 |
|
Less: Extra ordinary items relating to associate companies |
- |
- |
- |
(2.65) |
|
Net Profit after Tax |
23.88 |
14.57 |
38.45 |
40.43 |
The aforesaid financials includes consolidated nine monthly un-audited financials of J. M. Securities Private Limited, which will not get incorporated in the consolidated profit and loss account of JM Financial Limited in its totality but the profits upto October 31, 2005 will get merge with the reserves of the company, since the appointed date for the proposed merger is November 1, 2005. The information provided hereinabove is only on the presumption that had the merger been effective at an earlier date, how the financial results on a consolidated basis would have looked.
The aforesaid financials are subject to adjustments arising on consolidation post the proposed merger.
Place: Mumbai
Date: January 23, 2006 |