New Delhi, Mar 17 (PTI) JM Financial Ltd on Monday said it would transfer its wealth management business to its arm JM Financial Services Limited (JMFSL) through a slump sale for Rs 11.08 crore.

The business transfer would become effective from April 1, 2025, JM Financial Ltd said in a regulatory filing.

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The board approved entering into Business Transfer Agreement with JMFSL, a wholly-owned subsidiary of JM Financial Ltd for transfer of the private wealth business through the slump sale on a going concern basis, it said.

The transfer supports JM Financial Group's broader strategy of combining the elite wealth and private wealth segments under a unified leadership structure, fostering synergies and operational efficiency, and strategic direction in wealth management services, it said.

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(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)