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JM Financial's arm completes acquisition of 8.56% stake in Spandana

JM Financial's subsidiary - JM Financial Products has completed the first leg of acquisition of 24,35,286 equity shares of Spandana Sphoorty Financial (Spandana), representing 8.56% of the current outstanding total equity shares of Spandana. On a fully diluted basis, the said acquisition would result in the holding of 4.71% in Spandana.

Spandana is a RBI registered NBFC-MFI engaged in the business of micro finance providing small ticket unsecured loans largely to women of low-income households in rural and urban areas with average tenure of one to two years.

JM Financial is an integrated financial services group offering a wide range of capital market services to its corporate and individual clients.

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