November 20, 2014 / 4:57 PM / 3 years ago

JM Financial subsidiary gets $87 mln from Vikram Pandit-led fund

Former Citigroup CEO Vikram Pandit speaks at the Bretton Woods Committee International Council conference in Washington, September 23, 2011. REUTERS/Jonathan Ernst/Files

MUMBAI (Reuters) - JM Financial Ltd (JMSH.NS) 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 (C.N) 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

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