Vikram Pandit and JM Financial's realty venture receives more funds

The fundraising, which comes at a time the NBFC sector is going through turmoil, will give comfort to investors and may help in improving the sentiment

Former Citigroup chief executive Vikram Pandit and JM Financial have agreed to infuse funds in their jointly promoted JM Financial Credit Solutions (JMFCSL), a real estate focused non-banking finance company. 

The duo, along with four other investors, will invest Rs 8.75 billion. Half of the equity infusion will be from Vikram Pandit, while JM Financial will be infusing 20 per cent of the fund. The balance 30 per cent, or about Rs2.63 billion, will come from four investors, said a person in the know.

The fund raising, which comes at a time the NBFC sector is going through turmoil, will