JM Financial Ltd

JM Financial Ltd has informed that on October 05, 2007 the Company has completed the transaction of Termination of Joint Venture with Morgan Stanley. Accordingly, the Company has completed the purchase of 49% equity stake of Morgan Stanley in investment banking Company viz., JM Financial Consultants Pvt Ltd. (formerly known as JM Morgan Stanley Pvt Ltd.) for US $ 20 mn (INR equivalent Rs 79.43 crore). Similarly, the Company has also completed the sale of its 49% equity stake in Morgan Stanley India Company Pvt Ltd. (formerly known as JM Morgan Stanley Securities Pvt Ltd.) to Morgan Stanley for US $ 445 mn (INR equivalent Rs 1767.09 crore). With this, the Company now owns 100% of the investment banking Company.