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JM Financial Asset Reconstruction to raise 2.8B rupees of equity capital

JM Financial Ltd. unit JM Financial Asset Reconstruction Co. Ltd. is seeking to raise 2.8 billion rupees by issuing shares on rights basis.

The offer opened Feb. 27 and will close March 13, according to a Feb. 28 stock exchange filing.

As of Feb. 28, US$1 was equivalent to 65.23 Indian rupees.