JM Financial Subsidiary Gets $87 Million From Vikram Pandit-Led Fund

Mumbai: JM Financial Ltd said it had received an investment of Rs 540 crore ($87 million) in its real estate-lending subsidiary from a global fund led by former Citigroup chief executive Vikram Pandit.

JM Financial also injected another Rs 360 crore in capital to enhance the real estate unit's financing in India, it said in a statement on Thursday.

The two investments together amounted to Rs 900 crore.

Mr Pandit, who bought a stake in JM Financial last year, will become the non-executive chairman of the real estate-lending unit, FICS Consultancy Services Ltd, JM said.

Copyright: Thomson Reuters 2014