CCI approves JM Financial's 43% stake buy in JM Fin Credit Solutions

Fair trade regulator CCI on Tuesday cleared JM Financial's proposed acquisition of a 43 per cent stake in JM Financial Credit Solutions Ltd.

JM Financial Credit Solutions is an RBI-registered systemically important non-deposit-taking non-banking finance company (NBFC). It is a subsidiary of JM Financial Ltd (JMFL).

It is engaged in wholesale lending activities with a primary focus on real estate financing and corporate financing.

"The proposed combination envisages acquisition of 42.99 per cent of the total paid-up share capital of JM Financial Credit Solutions Ltd (JMFCSL) by JM Financial Ltd (JMFL)," CCI said in a release.

JMFL, a BSE and NSE-listed entity, is the operating cum holding company of the JM Financial Group, that provides integrated and diversified financial services on its own and through its subsidiaries.

Its primary business includes investment banking business, and private equity fund management, along with undertaking operations of private wealth and portfolio .