MUMBAI (Reuters) - JM Financial Ltd said it had received an investment of 5.4 billion rupees ($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 3.6 billion rupees 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 9 billion rupees.
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.
($1 = 61.9200 Indian rupee)
(Reporting by Devidutta Tripathy; editing by Jane Baird)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app