JM Financial Ltd. on Monday said it would transfer its wealth management business to its arm JM Financial Services Ltd. 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.
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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