On April 24, JM Financial announced that the company along with Indostar Capital Finance Limited will explore potential strategic options for their home finance and retail mortgage portfolios in Mumbai.
The two companies are engaged in preliminary discussions to explore potential strategic options including the combination and listing of the retail mortgage portfolio including other mortgage-backed businesses of Indostar.
JM Financial has a long-term strategic interest in home loans and such mortgage-backed businesses and looks forward to scaling these businesses to the next phase of its growth. The discussions are currently at a preliminary stage and non-binding in nature.
The company reported a decline of 12 percent in its quarter three net profit on a year-on-year basis, while its net interest income fell a little over 6 percent. JM Financial is expected to report its FY23 fourth quarter earnings on May 9.
JM Financial stock has seen a slide of 11.5 percent in the last year, while the stock recorded a fall of nearly 18 percent in 2023. The stock is currently trading with cuts of 0.3 percent at Rs 61.15 per share.
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