JM Financial Limited has disclosed that SNK Investments Private Limited (formerly known as Persepolis Investment Company Private Limited) plans to acquire equity shares from Aruna Nimesh Kampani. This disclosure was filed with stock exchanges under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The proposed acquisition involves the purchase of up to 9.21 lakh equity shares from Aruna Nimesh Kampani, representing up to 0.10% of JM Financial's total share capital. The transaction is scheduled to take place on or after December 19, 2025.

Regulatory Framework

The transaction falls under Regulation 10(1)(a)(ii) of the SAST Regulations, which provides exemption from making an open offer for inter-se transfers among promoter group members. SNK Investments Private Limited is part of the promoter group of JM Financial Limited.

Pricing Mechanism

The acquisition price will not exceed the price determined under the proviso to Regulation 10(1)(a) of the SAST Regulations. The volume weighted average market price for JM Financial shares over 60 trading days preceding December 19, 2025, was ₹157.31 per share on the National Stock Exchange, where maximum trading volume was recorded.

Shareholding Pattern Changes

The transaction will result in changes to the shareholding pattern of both parties involved:

Compliance Declarations

SNK Investments Private Limited has declared that:

• The acquisition price will not be higher by more than 25% of the computed price
• All conditions specified under Regulation 10(1)(a) of SAST Regulations have been duly complied with
• Both transferor and transferee have complied with applicable disclosure requirements during the three years prior to the proposed acquisition

The disclosure was signed by Vikas Shah, Director of SNK Investments Private Limited (DIN: 09461030), and submitted to both BSE Limited and National Stock Exchange of India Limited on December 19, 2025.

JM Financial Limited , a prominent player in India's financial services sector, has been assigned an Environmental, Social, and Governance (ESG) score of 73.8 by SES ESG Research Private Limited, a SEBI-registered ESG Rating Provider. This score, which translates to a Grade B+, was based on data from the fiscal year 2024-25.

Key Points of the ESG Rating

Unsolicited Rating Process

It's important to note that this ESG rating was not solicited by JM Financial. SES ESG Research independently assessed the company using publicly available information, without any direct engagement from JM Financial. This approach highlights the growing importance of ESG factors in the financial sector, even when companies do not actively seek such ratings.

Disclosure and Transparency

In line with regulatory requirements, JM Financial promptly disclosed this information to the stock exchanges. The company's disclosure, dated December 9, 2025, was made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) and the SEBI Master Circular dated November 11, 2024.

Implications for Investors

The B+ grade suggests a relatively strong ESG performance. However, investors should consider that:

1. The rating was unsolicited and based solely on public information.
2. ESG ratings can vary between different rating providers due to methodological differences.
3. This score provides an additional metric for assessing JM Financial's overall corporate performance and sustainability practices.

As ESG factors continue to gain prominence in investment decisions, such ratings offer insights into a company's non-financial performance and long-term sustainability outlook.