JM Financial Credit to raise funds through sale of NCDs

Mumbai: JM Financial Credit Solutions Ltd plans to raise funds through a public issue of non-convertible debentures (NCDs).

The non-banking financial arm of the JM Financial Group has filed a draft shelf prospectus for the public issue which includes secured as well as unsecured NCDs aggregating up to Rs2,000 crore, it said in a release.

The company plans to uses 75% of the net proceeds for onward lending and repayment of existing borrowings.

JM Financial Credit said that there is increasing need for funds in the real estate sector post implementation of the Real Estate (Regulation and Development) Act, 2016 (Rera).