Illustration: Binay Sinha
Indian shadow bank DMI Finance Pvt said it is raising fresh funds from Japanese group Mitsubishi UFJ Financial Group Inc. at a valuation of about $3 billion as it looks to boost its lending.
MUFG will buy about $330 million worth of the company’s shares, 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 aims to boost lending to small and medium-sized businesses and will look at acquisitions, as well as expand its personal lending and consumer finance portfolio, he said.
A representative for MUFG declined to comment.
First published: August 22, 2024 | 2:03 a.m. IS
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