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非银金服公司JM Financial完成9000万美元股权融资

据外媒消息,非银行金融服务公司JM Financial Ltd宣布完成了一笔9000万美元的股权融资,投资方为新加坡主权财富基金GIC Pte Ltd。截至目前,该公司的融资总金额已经达到了1.2亿美元。

除了GIC之外,根据证券交易所备案的信息显示,其他投资方还包括前花旗集团首席执行官,加州大学捐赠基金和对冲基金Falcon Edge。该公司的业务主要包括投资银行,财富管理和证券业务,抵押贷款,不良信贷和资产管理业务。此外,该公司还向房地产开发商提供贷款,并且为零售、小微企业、中小型企业以及大中型企业等不同客户提出的各种贷款需求提供服务,旗下业务主要覆盖个体和商业贷款、企业融资、抵押贷款、资本市场贷款、项目贷款、结构性融资、财富管理和数字贷款、债务资本市场和银团等领域,并为他们提供定制化的金融服务解决方案。

Singapore sovereign wealth fund GIC Pte Ltd and other investors are injecting Rs 650 crore ($90 million) into a non-banking finance unit of JM Financial Ltd.

Mumbai-listed JM Financial said in a stock-exchange filing unit JM Financial Credit Solutions Ltd is raising a total of up to Rs 875 crore. This includes Rs 225 crore that JM Financial is investing in the subsidiary.

The filing didn't name the external investors. However, multiple media reports said the investors include GIC, former Citigroup CEO Vikram Pandit, the University of California Endowment fund and hedge fund Falcon Edge.

JM Financial Credit is raising the funds at a post-money valuation of up to Rs 7,175 crore, the filing said. JM Financial itself is valued around Rs 7,450 crore, according to stock-exchange data.

The fundraise comes at a time when NBFCs are under pressure amid fears that they are facing a cash crunch. The concerns have risen after Infrastructure Leasing & Financial Services (IL&FS) defaulted on its debt this month, sparking a sell-off in shares of NBFCs and mortgage lenders.

Vishal Kampani, managing director at JM Financial Group, said the fundraise is in line with the group's aim to be "conservatively leveraged" and "maintain strong liquidity cushion".

JM Financial holds a 50.01% stake in the NBFC. Its stake will reduce to 47.05% after the capital infusion. However, it will continue to retain board and management control of the unit.

The fundraise is subject to completion of customary conditions.

Pandit is already a shareholder in JM Financial and held a 1.4% stake in the company at the end of June, stock-exchange data show. He had first bought a stake in JM Financial in 2013 and then separately invested in the company's real estate lending arm the following year.

JM Financial said the latest fundraise takes the total equity capital the group has mobilised this year to Rs 1,379 crore.

In February, JM Financial had raised Rs 650 crore through a qualified institutions placement to support the long-term capital requirements and financial needs of the group.

JM Financial Asset Reconstruction Company Ltd had raised Rs 79.4 crore from external investors in 2018, according to the disclosure.

The financial services group's businesses include investment banking, wealth management and securities business, mortgage lending, distressed credit and asset management business.

JM Financial Credit provides loans to real estate developers. As on 30 June, its net worth was Rs 1,756 crore and its loan book stood at Rs 8,475 crore.


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