JM Financial AMC Raises ₹1 Billion Via Rights Issue For Expansion

JM Financial Asset Management has raised ₹1 billion through a partly paid rights issue to support the expansion of its mutual fund business, the company said in a release on Friday. The mutual fund is sponsored by JM Financial Ltd.

The first tranche of ₹500 million has already been raised, and the remaining will be drawn as needed, the company said. Vishal Kampani, vice chairman and managing director of JM Financial Ltd., said the fundraise will support investments in talent, innovation and technology as part of the group's broader growth vision.

As of December 31, the fund house managed assets worth ₹138.31 billion, according to the Association of Mutual Funds in India.