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JM Financial to set up private equity fund

Our Bureau

Mumbai , Jan. 26

JM Financial Ltd's board of directors has approved an investment of Rs 50 crore in JM Financial Products Pvt Ltd, a non-banking financial company, which would become its subsidiary, after the proposed merger of JM Securities Pvt Ltd, with the company.

The board also decided to set up a private equity fund, float other funds and establish an asset management trustee company in West Asia or Mauritius, subject to other necessary approvals.

The other decision taken relates to the appointment of Mr Dilip Kothari as an additional director on the board.

Meanwhile, for the quarter ended December 31, 2005, the company made a net profit of Rs 14.57 crore on a total income of Rs 89.60 crore.

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