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JM Financial Limited Issues Preferential allotment
Mumbai, May 4, 2006.
Preferential Allotment:
JM Financial Limited has agreed to issue and allot 21,01,667 equity shares of the face value of Rs. 10/- each at a price of Rs. 639/- per share to the following investors, who have agreed to subscribe to the same:
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Name of the Investors |
No. of shares |
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Non Resident Investor(s): Up to a total of 1,226,667 equity shares.
1. Blue Ridge Limited Partnership and/or Blue Ridge Offshore Master Limited Partnership (Blue Ridge) and/or one or more of Blue Ridge’s affiliated funds.
2. Tiger Global Management (Tiger) and/or one or more of Tiger’s affiliated funds. |
1,000,000
226,667
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Sub Total |
1,226,667 |
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Resident Investor(s): Up to a total of 875,000 equity shares.
Mr. Azim H Premji |
875,000 |
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Total |
2,101,667 |
The aforesaid issue and allotment would be subject to the satisfactory receipt of all the statutory, regulatory, corporate and other approvals including the approval of FIPB, RBI, Shareholders, SEBI, Stock Exchange(s), etc., as may be required and completion of regulatory formalities by the Company and the Investors. In case any investor is not able to subscribe to the shares on account of non-completion of required formalities, the Company may issue and allot such shares to any of the other investors mentioned above. The Issued & Subscribed Equity Capital of the Company would be Rs. 30 crore after the proposed preferential issue as above.
The Extraordinary General Meeting of the shareholders of the Company has been convened on June 1, 2006 for the purpose of passing the special resolution pursuant to Section 81 (1A) of the Companies Act, 1956 approving the aforesaid preferential issue of equity shares and enabling the Board to allot the same.
Brief about the Investors:
Blue Ridge
Blue Ridge Limited Partnership and Blue Ridge Offshore Master Limited Partnership are investment funds managed by Blue Ridge Capital, a New York based investment firm founded in 1996. Blue Ridge invests in the securities of both domestic and foreign issuers. Blue Ridge's principal investment objective is to achieve exceptional risk-adjusted capital growth primarily through investments in equity securities and other equity related instruments. Blue Ridge's portfolio generally will include positions in securities of companies which, in its view, have characteristics such as an outstanding management team, a track record of successful capital allocation and a reasonable valuation relative to the company's growth rate or intrinsic value.
Tiger Global Management
Tiger Global Management, LLC is a New York based investment firm. The Firm has extensive experience investing in public and private transactions in global markets, including India. Tiger Global seeks to identify talented management teams with a proven track record of allocating capital effectively and enhancing long-term shareholder value
Mr. Azim H Premji
Mr. Azim H. Premji, an Indian businessman, is the Chairman and Managing Director of Wipro Limited, one of India's leading software exporters. A graduate in Electrical Engineering from Stanford University, USA, his assets include 81% holding in Wipro Limited. Forbes magazine reckons that his net worth exceeds US$ 13 billion, and it places him at No. 25 in its most recent ranking of the world's richest people. In April 2004, he was rated among the 100 most influential people in the world by Time Magazine.
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