Illustration: Binay Sinha
Indian shadow bank DMI Finance Pvt. said it has raised about $3 billion in new funding from Japan’s Mitsubishi UFJ Financial Group Inc. as it looks to ramp up its lending.
MUFG plans to buy about $330 million worth of shares in the company, DMI Finance co-founder Shivashish Chatterjee said in an interview on Wednesday. The Japanese lender, which is already an investor in DMI Finance, will be the company’s second-largest shareholder after the deal, he said.
DMI Finance plans to use the capital to expand its balance sheet, Chatterjee said. It wants to boost lending to small and medium enterprises and will look at acquisitions, besides expanding its consumer finance and personal loans portfolio, he said.
A spokesperson for MUFG declined to comment.
First publication: Aug 22, 2024 | 02:03 AM IST