New Delhi, Jun 12 (PTI) Investment banker JM Financial on Friday said it has raised Rs 770 crore by issuing shares to a set of investors through qualified institutional placement (QIP).

The QIP witnessed an allotment of 11 crore equity shares at a price of Rs 70 apiece.

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"The committee of the board of directors of the company has, at its meeting held today (Friday) i.e. June 12, 2020, approved the allotment of 110,000,000 equity shares of a face value of Rs 1 each to eligible qualified institutional buyers at the issue price of Rs 70 per equity share aggregating Rs 770 crore only," it said in a regulatory filing.

The issue opened on June 9 and closed on June 12.

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Among the allottees who have been allotted over 5 per cent of the equity shares offered in the issue were a consortium of funds belonging to ICICI Prudential group buying 17.49 per cent, followed by 11.55 per cent by Valiant Mauritius Partners Offshore; 11.15 per cent by Baron Emerging Markets Fund; 10.52 per cent by Wells Fargo Emerging Markets Equity Fund; 8.50 per cent by Fidelity Investment Trust Fidelity Series Emerging Markets Fund; and 5.18 per cent by Valiant Mauritius Partners Ltd.

JM Financial's shares on Friday closed 0.68 per cent higher at Rs 74.50 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)