Jacob Ballas to Back Religare Enterprises

Indian financial services company Religare Enterprises said private-equity firm Jacob Ballas would invest 2 billion rupees ($38 million) in its non-banking financial unit to help expand its business, wrote Reuters. Jacob Ballas will invest in Religare Finvest in the form of compulsory convertible preference shares, Religare said in a statement on Monday.

(Reuters) – Indian financial services company Religare Enterprises said private-equity firm Jacob Ballas would invest 2 billion rupees ($38 million) in its non-banking financial unit to help expand its business.

Jacob Ballas will invest in Religare Finvest in the form of compulsory convertible preference shares, Religare said in a statement on Monday.

Religare Finvest, a non-banking financial company, provides debt capital to micro, small and medium enterprises. As of Sept. 30, 2011, it had loaned 113.8 billion rupees to more than 25,000 companies.

Private-equity fund Avigo Capital had invested 1.5 billion rupees in Religare Finvest in November last year.

($1=53.1 Indian rupees) (Reporting by Aditi Shah in MUMBAI; Editing by Aradhana Aravindan)