India-based JM Financial Ltd. said Dec. 18 that it obtained board approval to raise up to 6.5 billion Indian rupees of funds through the issuance of shares or any other instrument or securities.

The funds can be raised by way of qualified institutional placement, private placement, public issue of securities or preferential issue.

The proposed issuance is subject to relevant regulatory approvals.

As of Dec. 18, US$1 was equivalent to 64.17 Indian rupees.