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Report: JM Financial plans to raise US$300M for distressed asset fund

JM FinancialLtd. is planning to raise US$300 million for a distressed assetfund to help in acquiring bad bank assets, Mintreported July 15, citing "two people familiar with the matter."

The fund will work with JM Financial's asset reconstructioncompany JM Financial Asset Reconstruction Co. Pvt. Ltd., said one of the twopeople.

JM Financial has been acquiring bad loans through its assetreconstruction arm but wants to participate in larger transactions with the newfund, added the other person.

JM Financial declined to comment on the matter, Mint reported.