Singapore sovereign wealth fund GIC, former chief executive officer of CitiGroup Vikram Pandit, JM Financial Ltd (JMFL) and others have put in Rs 875 crore in JM Financial Credit Solutions Ltd, Mint reported.

JM Financial Credit Solutions, a lender to real estate companies, received Rs 430 crore from GIC and Pandit, while Rs 225 crore came from its parent JM Financial. The other investors include University of California Endowment fund and hedge fund Falcon Edge, the report said.

The infusion of funds will allow the non-banking financial company (NBFC) to reduce its leverage and grow the loan book. “The fund infusion comes at a crucial time when the sentiment around the NBFC space is not so positive. Our debt-to-equity ratio after fund infusion will stand at 2.1 from the existing 3.7,” Vishal Kampani, managing director of JM Financial group, told the paper.

The company's target is to grow the loan book between 20 and 25 percent each year in the next three years, Kampani added.