+
INH Mauritius to sell 49% stake in JMFCS to JM Financial for Rs 30 bn
ECONOMY & POLICY

INH Mauritius to sell 49% stake in JMFCS to JM Financial for Rs 30 bn

Former Citigroup CEO Vikram Pandit is set to exit the real estate financing business established by veteran dealmaker Nimesh Kampani. INH Mauritius, an investment fund managed by Pandit, will sell its 49% stake in JM Financial Credit Solutions (JMFCS) to Kampani's JM Financial in a deal valued at approximately Rs 30 billion.

Following the sale, Pandit will step down as chairman of the mid-tier NBFC. The transaction will increase JM Financial's stake in JMFCS from 47% to 96%, with the remaining 4% held by Moraine Master Fund and Aparna Aiyar, wife of Pandit's business partner Hariharan Aiyar. Hariharan will also step down from the JMFCS board following the shareholding change.

JM Financial, which has faced regulatory restrictions from managing debt issues and offering loans against shares due to governance lapses, will acquire 43% from INH Mauritius for Rs 12.82 billion in the first phase of the transaction. This deal will be financed through JM Financial's internal accruals, which amount to over Rs 40 billion.

Sources indicate that INH is exiting JMFCS as the fund's lifespan is coming to an end. INH Mauritius initially invested in JMFCS in fiscal 2015 and subsequently acquired more shares in 2017 and 2018, investing a total of Rs 9.5 billion. This marked Pandit's first investment in India's financial services sector. He also holds a 1.2% stake in the listed JM Financial.

The Rs 30 billion deal valuation is lower than JMFCS's net worth of Rs 42 billion, attributed to under-recoveries in real estate financing not yet reflected in the books, stemming from stress on developers.

Additionally, JMFCS will acquire a 72% stake in an asset reconstruction company from JM Financial for Rs 8.56 billion, increasing its stake in JMFARC from 10% to 82%.

(Source: ET& TNN)

Former Citigroup CEO Vikram Pandit is set to exit the real estate financing business established by veteran dealmaker Nimesh Kampani. INH Mauritius, an investment fund managed by Pandit, will sell its 49% stake in JM Financial Credit Solutions (JMFCS) to Kampani's JM Financial in a deal valued at approximately Rs 30 billion. Following the sale, Pandit will step down as chairman of the mid-tier NBFC. The transaction will increase JM Financial's stake in JMFCS from 47% to 96%, with the remaining 4% held by Moraine Master Fund and Aparna Aiyar, wife of Pandit's business partner Hariharan Aiyar. Hariharan will also step down from the JMFCS board following the shareholding change. JM Financial, which has faced regulatory restrictions from managing debt issues and offering loans against shares due to governance lapses, will acquire 43% from INH Mauritius for Rs 12.82 billion in the first phase of the transaction. This deal will be financed through JM Financial's internal accruals, which amount to over Rs 40 billion. Sources indicate that INH is exiting JMFCS as the fund's lifespan is coming to an end. INH Mauritius initially invested in JMFCS in fiscal 2015 and subsequently acquired more shares in 2017 and 2018, investing a total of Rs 9.5 billion. This marked Pandit's first investment in India's financial services sector. He also holds a 1.2% stake in the listed JM Financial. The Rs 30 billion deal valuation is lower than JMFCS's net worth of Rs 42 billion, attributed to under-recoveries in real estate financing not yet reflected in the books, stemming from stress on developers. Additionally, JMFCS will acquire a 72% stake in an asset reconstruction company from JM Financial for Rs 8.56 billion, increasing its stake in JMFARC from 10% to 82%. (Source: ET& TNN)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code