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JM Financial unit to raise up to 7.5B rupees via debentures

JM Financial Credit Solutions Ltd., the nonbanking financial company arm of JM Financial Ltd,, plans to issue up to 7.5 billion Indian rupees of nonconvertible debentures.

The offering has a base issue size of 3.0 billion rupees, with an option to retain oversubscription of up to 4.5 billion rupees.

The issuance will open May 28 and close on June 20.

As of May 22, US$1 was equivalent to 68.05 Indian rupees.