JM Financial Consultants Ltd., a unit of JM Financial Ltd said on Monday it has decided to buy out its joint venture partner in JM Financial ASK Securities Pvt Ltd.
JM held a 60 percent stake in the joint venture.
Showing posts with label JM Financial. Show all posts
Showing posts with label JM Financial. Show all posts
Monday, March 31, 2008
JM Financial unit to buy out ASK Sec's stake in JV
JM Financial Consultants Ltd., a unit of JM Financial Ltd said on Monday it has decided to buy out its joint venture partner in JM Financial ASK Securities Pvt Ltd.
JM held a 60 percent stake in the joint venture.
Friday, September 7, 2007
Koutons sets IPO price band at Rs 370-415
Apparel maker Koutons Retail India Ltd said it had priced its initial public offer in the band of Rs370-415 a share.The offer opens on September 18 amd closes on September 21.
The offer will constitute 11.54% of the post-issue capital.Koutons plans to use the money to open retail outlets and set up a manufacturing unit.JM Financial Consultants is the lead manager to the offer.
Friday, July 13, 2007
Omaxe seeks Rs 600 crore in IPO
Real-estate developer Omaxe Ltd plans to raise as much as Rs 600 crore ($148 million) selling shares for the first time to finance land acquisition and repay loans.
The company will sell 17.8 million new shares of Rs 10 face value at Rs 265 to Rs 310 apiece, starting July 17. The price will be decided based on demand from investors after the sale ends on July 20, the New Delhi-based company said in a statement on Thursday.
Omaxe founder Guild Builder Pvt may offer an additional 1.75 million shares on demand, taking the total offer to 19.5 million shares, the company said. The company has reserved 296,520 shares for employees.
Omaxe hired DSP Merrill Lynch Ltd, Citigroup Global Markets India Pvt, UBS Securities India Pvt, JM Financial Consultants Pvt and ICICI Securities Ltd to arrange the sale.
If all 19.5 million shares are sold, they will account for 11.2 per cent of the company's fully diluted, post-issue capital, Omaxe said.
Read more in The Economic Times article.
The company will sell 17.8 million new shares of Rs 10 face value at Rs 265 to Rs 310 apiece, starting July 17. The price will be decided based on demand from investors after the sale ends on July 20, the New Delhi-based company said in a statement on Thursday.
Omaxe founder Guild Builder Pvt may offer an additional 1.75 million shares on demand, taking the total offer to 19.5 million shares, the company said. The company has reserved 296,520 shares for employees.
Omaxe hired DSP Merrill Lynch Ltd, Citigroup Global Markets India Pvt, UBS Securities India Pvt, JM Financial Consultants Pvt and ICICI Securities Ltd to arrange the sale.
If all 19.5 million shares are sold, they will account for 11.2 per cent of the company's fully diluted, post-issue capital, Omaxe said.
Read more in The Economic Times article.
Wednesday, July 4, 2007
IDFC selling shares to mop up $500 mn
Infrastructure Development Finance Co. (IDFC), India’s biggest financier of public works, is selling $500 million (Rs2,050 crore) of shares to institutional investors, three people with knowledge of the matter said.
The sale, which began on Monday, will close on Wednesday and shares will be priced on 5 July, said the people, who declined to be identified before an announcement. The shares are being sold by auction or through book building, the people said.
“Several infrastructure projects will need large investments as India aims to increase its growth rate,” said R.K. Gupta, who manages Rs350 crore at Credit Capital Asset Management in Delhi and owns IDFC shares.
IDFC’s share sale follows a $5 billion offering by ICICI Bank Ltd, India’s biggest by market value, in June. The Mumbai-based company is raising money to meet demand for funds to build roads, ports and power plants in the world’s fastest growing major economy after China.
Citigroup Inc. and UBS AG are helping the lender sell the shares to banks, mutual funds, insurance companies and other big investors, according to a filing with the National Stock Exchange.JM Financial Consultants Ltd and Kotak Mahindra Capital Co. are also involved in the sale, the filing said.
Read more in The Livemint article.
The sale, which began on Monday, will close on Wednesday and shares will be priced on 5 July, said the people, who declined to be identified before an announcement. The shares are being sold by auction or through book building, the people said.
“Several infrastructure projects will need large investments as India aims to increase its growth rate,” said R.K. Gupta, who manages Rs350 crore at Credit Capital Asset Management in Delhi and owns IDFC shares.
IDFC’s share sale follows a $5 billion offering by ICICI Bank Ltd, India’s biggest by market value, in June. The Mumbai-based company is raising money to meet demand for funds to build roads, ports and power plants in the world’s fastest growing major economy after China.
Citigroup Inc. and UBS AG are helping the lender sell the shares to banks, mutual funds, insurance companies and other big investors, according to a filing with the National Stock Exchange.JM Financial Consultants Ltd and Kotak Mahindra Capital Co. are also involved in the sale, the filing said.
Read more in The Livemint article.
JM Financial buys 60% in ASK Securities
Nimesh Kampani's JM Financial Services, which split its seven-year joint
venture with Morgan Stanley in February, today said it is buying 60% stake in institutional brokerage firm ASK Securities.The company, however, did not disclose the deal size.
ASK Group recently bought out the stake of its overseas partner Raymond
James in the joint venture ASK-Raymond James.
venture with Morgan Stanley in February, today said it is buying 60% stake in institutional brokerage firm ASK Securities.The company, however, did not disclose the deal size.
ASK Group recently bought out the stake of its overseas partner Raymond
James in the joint venture ASK-Raymond James.
Wednesday, June 27, 2007
IDFC to raise $500 mn via QIP route
The Infrastructure Development Finance Company (IDFC), the nation’s biggest infrastructure lender, has roped in Citigroup, UBS, Kotak Mahindra and JM Financial, to raise $500 million through share issuances to foreign and domestic institutions early next month.
This will be the biggest ever fund mobilisation through the Qualified Institutional Placement (QIP) route, after GVK Power & Infrastructure’s $300 million, handled by Kotak Mahindra, Citigroup and SSKI, and the $240 million issue by Max India, which was lead managed by CLSA.
IDFC’s roadshows for the QIP issue will start in the first week of July, said sources close to the development. The funds will be used to meet the growing demand from companies and the government to build ports, roads, power projects and other utilities.In the last eight months, 18 firms have raised more than Rs 4,500 crore ($1.09 billion) through the QIP route.
Read more in The Business Standard article.
This will be the biggest ever fund mobilisation through the Qualified Institutional Placement (QIP) route, after GVK Power & Infrastructure’s $300 million, handled by Kotak Mahindra, Citigroup and SSKI, and the $240 million issue by Max India, which was lead managed by CLSA.
IDFC’s roadshows for the QIP issue will start in the first week of July, said sources close to the development. The funds will be used to meet the growing demand from companies and the government to build ports, roads, power projects and other utilities.In the last eight months, 18 firms have raised more than Rs 4,500 crore ($1.09 billion) through the QIP route.
Read more in The Business Standard article.
Thursday, June 14, 2007
Merrill, UBS may help HDFC Bank overseas
HDFC Bank Ltd, India’s third biggest by market value, may hire Merrill Lynch & Co. and UBS AG to help raise $690 million (Rs2,829 crore) selling shares to overseas investors, two people with knowledge of the matter said.
The bank is likely to sell the shares in July, they said, declining to be identified before an announcement.HDFC Bank had on 17 May said it planned to raise Rs4,200 crore, including the sale of Rs1,390 crore to its founder, Housing Development Finance Corp. Ltd (HDFC), to fund accelerating demand for loans.
“Stronger banks out of India which want to raise capital will get good demand and investors will also make a good return,” said Sandip Sabharwal, who manages $245 million in equities as chief investment officer at JM Financial Mutual Fund in Mumbai.
Indian banks, led by ICICI Bank Ltd, are selling shares to fund growing demand for credit in an economy which has expanded an average of 8.6% in the past four years, trailing only China among the world’s major economies.
New loans grew by 28% in the year to March, slowing from 35% as the central bank raised rates to contain inflation.Mark Panday, a UBS spokesman based in Hong Kong, declined to comment. Rob Stewart, a Hong Kong-based spokesman for Merrill Lynch, also declined to comment, as did Neeraj Jha, a Mumbai- based spokesman for HDFC Bank.
HDFC Bank’s sale of shares to HDFC will enable the founding company to maintain its shareholding at about 23%, the bank had said on 17 May.
Read more in The Livemint article.
The bank is likely to sell the shares in July, they said, declining to be identified before an announcement.HDFC Bank had on 17 May said it planned to raise Rs4,200 crore, including the sale of Rs1,390 crore to its founder, Housing Development Finance Corp. Ltd (HDFC), to fund accelerating demand for loans.
“Stronger banks out of India which want to raise capital will get good demand and investors will also make a good return,” said Sandip Sabharwal, who manages $245 million in equities as chief investment officer at JM Financial Mutual Fund in Mumbai.
Indian banks, led by ICICI Bank Ltd, are selling shares to fund growing demand for credit in an economy which has expanded an average of 8.6% in the past four years, trailing only China among the world’s major economies.
New loans grew by 28% in the year to March, slowing from 35% as the central bank raised rates to contain inflation.Mark Panday, a UBS spokesman based in Hong Kong, declined to comment. Rob Stewart, a Hong Kong-based spokesman for Merrill Lynch, also declined to comment, as did Neeraj Jha, a Mumbai- based spokesman for HDFC Bank.
HDFC Bank’s sale of shares to HDFC will enable the founding company to maintain its shareholding at about 23%, the bank had said on 17 May.
Read more in The Livemint article.
Wednesday, June 6, 2007
PE funds target small firms
Private equity (PE) funds floated by Indian brokerages are making big inroads into the world of smaller companies as bigger PEs stay away from them.
Brokerages such as Motilal Oswal, Religare, JM Financial, Edelweiss, Anand Rathi Securities, IDBI Capital Markets, which together manage over Rs 2,600 crore, are seeing opportunities in the small-cap space, providing the much-needed expansion capital to entrepreneurs, who otherwise find it tough to raise funds to meet their capital requirements.
IDBI Capital Market Services, the broking and financial subsidiary of IDBI, launched a Rs 50 crore private equity fund aimed at funding small and mid-sized companies. The company along with other PEs such as Sidbi Ventures have invested in GSPC Gas, a subsidiary of Gujarat State Petroleum Corporation.
Read more in The Business Standard article.
Brokerages such as Motilal Oswal, Religare, JM Financial, Edelweiss, Anand Rathi Securities, IDBI Capital Markets, which together manage over Rs 2,600 crore, are seeing opportunities in the small-cap space, providing the much-needed expansion capital to entrepreneurs, who otherwise find it tough to raise funds to meet their capital requirements.
IDBI Capital Market Services, the broking and financial subsidiary of IDBI, launched a Rs 50 crore private equity fund aimed at funding small and mid-sized companies. The company along with other PEs such as Sidbi Ventures have invested in GSPC Gas, a subsidiary of Gujarat State Petroleum Corporation.
Read more in The Business Standard article.
Wednesday, March 28, 2007
JM Financial may buy brokerage after Morgan Stanley split
JM Financial Ltd, Morgan Stanley’s former partner in India, may buy a local brokerage to rebuild the equity sales and research teams it sold to the New York investment bank, director Vishal Kampani said.
Kampani last month helped his father Nimesh negotiate the breakup with Morgan Stanley, the world’s second-biggest securities firm. The US bank acquired the equity sales, trading and research teams from the venture for $425 million (Rs1,835 crore).
JM retained the retail, investment banking and fixed-income units that generated 45% of revenue and a client list including Reliance Industries Ltd and three-quarters of India’s top 100 companies. By going alone, JM may struggle to meet its biggest clients’ appetite for funds and financial services as Indian companies embark on record stock sales and acquisitions.
Read more in The Live Mint article.
Kampani last month helped his father Nimesh negotiate the breakup with Morgan Stanley, the world’s second-biggest securities firm. The US bank acquired the equity sales, trading and research teams from the venture for $425 million (Rs1,835 crore).
JM retained the retail, investment banking and fixed-income units that generated 45% of revenue and a client list including Reliance Industries Ltd and three-quarters of India’s top 100 companies. By going alone, JM may struggle to meet its biggest clients’ appetite for funds and financial services as Indian companies embark on record stock sales and acquisitions.
Read more in The Live Mint article.
Thursday, March 22, 2007
Post-Morgan, Kampani revamps business with seven strategic units
Nimesh Kampani, after the separation of his firm JM Financial with JV partner Morgan Stanley, is re-organizing the his operations to exploit future opportunities, with a view of giving the foreign investment banks, who are opening offices in India, a run for their money.
A new management structure is being formalized for the group flagship company JM Financial. Mr. Kampani has carved up the operations of JM Financial into seven strategic business units to be managed by independent managing directors.
The investment banking business is split into corporate finance, M&A and global capital markets. Dipti Neelkantan, 48, who joined JM as a research analyst 25 years ago, has recently risen to the rank of MD & COO of the investment banking business. She is in charge of overall operations. Two MDs have been appointed for the corporate finance division, which is scaling up its operations. Nimesh Kampani’s son Vishal Kampani, 30, and BK Bansal, 53, will be heading this division.
Adi Patel, 38, has been designated as head of the M&A division, while Atul Mehra, 39, has recently been elevated to the post of MD (global capital markets). Adi Patel, Atul Mehra and BK Bansal have been with JM for more than 15 years.
JM Financial is bringing in talent from outside to run the new-age businesses. Last month, Nityanath Ghanekar, 61, joined as CEO and MD of the mutual-fund business from global consulting firm PricewaterhouseCoopers. A few months ago, Dilip Kothari joined JM to head its private equity business from Olympus Capital. Rajeev Chitrabanu, 35, is CEO and MD of the financial services business, which includes wealth management and IPO distribution. Subodh Shinkar, 39, is the new COO of the division.
While Vipin Gupta, 35, is the MD of the fast-growing commodity business, Basant
Agarwal, 40, heads the special situations fund. JM Financial is also planning to create independent divisions for the fixed-income and research portfolios.
A new management structure is being formalized for the group flagship company JM Financial. Mr. Kampani has carved up the operations of JM Financial into seven strategic business units to be managed by independent managing directors.
The investment banking business is split into corporate finance, M&A and global capital markets. Dipti Neelkantan, 48, who joined JM as a research analyst 25 years ago, has recently risen to the rank of MD & COO of the investment banking business. She is in charge of overall operations. Two MDs have been appointed for the corporate finance division, which is scaling up its operations. Nimesh Kampani’s son Vishal Kampani, 30, and BK Bansal, 53, will be heading this division.
Adi Patel, 38, has been designated as head of the M&A division, while Atul Mehra, 39, has recently been elevated to the post of MD (global capital markets). Adi Patel, Atul Mehra and BK Bansal have been with JM for more than 15 years.
JM Financial is bringing in talent from outside to run the new-age businesses. Last month, Nityanath Ghanekar, 61, joined as CEO and MD of the mutual-fund business from global consulting firm PricewaterhouseCoopers. A few months ago, Dilip Kothari joined JM to head its private equity business from Olympus Capital. Rajeev Chitrabanu, 35, is CEO and MD of the financial services business, which includes wealth management and IPO distribution. Subodh Shinkar, 39, is the new COO of the division.
While Vipin Gupta, 35, is the MD of the fast-growing commodity business, Basant
Agarwal, 40, heads the special situations fund. JM Financial is also planning to create independent divisions for the fixed-income and research portfolios.
Thursday, March 15, 2007
List of Sharekhan's suitors gets longer
Sharekhan has got a queue of suitors, first it was JM Financial and then IDFC was believed to be in talks to buy out the brokerage firm. Now the buzz is that American online trading giant E*trade, and Goldman Sachs too have joined the list, with many in the broking industry claiming that E*trade is the frontrunner for the deal.
Interestingly, last year Sharekhan had seen a mass exodus when many of its employees joined IL&FS Investsmart where E*trade is a key investor.Sharekhan is only one of the many deals that the broking industry is looking to clinch.
Read more in The Moneycontrol article
Interestingly, last year Sharekhan had seen a mass exodus when many of its employees joined IL&FS Investsmart where E*trade is a key investor.Sharekhan is only one of the many deals that the broking industry is looking to clinch.
Read more in The Moneycontrol article
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