The shareholders of the company had approved a plan to raise the amount at the annual general meeting held on August 2, it said in a regulatory filing.
The company said approval of shareholders was granted as a special business agenda for "issue of redeemable non-convertible debentures for an amount aggregating up to Rs 1,000 crore."
Earlier this week, the company reported an increase of 19 per cent rise in consolidated net profit at Rs 86.09 crore in the first quarter ended June 30 as against Rs 72.35 crore in the corresponding period of previous fiscal.
JM Financial stock closed 0.22 per cent up at Rs 66.95 on BSE.
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