Shares of JM Financial skyrocketed 13% and hit a 52-week high of 102 on 15 December after the company allotted equity shares to eligible employees who are exercising stock options and the change in the top-level management.

In its regulatory filing, the company said that they have appointed Chirag Negandhi as a senior management person (SMP), which will be effective from 18 December.

The company said, “Negandhi brings with him over two decades of leadership expertise in capital markets. He has led some of India’s largest equity raises and worked closely with several leading business houses.”

Furthermore, the Allotment Committee of the Board allotted a total of 3.77 lakh shares of the company with a face value of Rs 1 each, per the Employees’ Stock Option Scheme.

The company added, “Subsequent to the allotment of the equity shares, the paid-up equity share capital of the company is Rs 95.55 crore representing 95.55 crore equity shares of the face value of Re 1 each.”

In its quarterly report for July-September, the company reported a 38% year-on-year increase in its total revenue to Rs 1,214 crore for the quarter from Rs 877 crore reported in the same quarter last year.

The company’s net profit for the quarter stood at Rs 195 crore, which is an 8% YoY increase from Rs 180 crore reported in the same quarter during the previous fiscal year.

At 3:30 pm, the shares of JM Financial closed 13.47% higher at Rs 101.10 on NSE.