UPDATE 1-JM Financial sells fund unit stake for expansion

MUMBAI, July 25 (Reuters) - JM Financial Ltd (JMSH.BO: ) said on Friday it will sell a 12 percent stake in its fund unit, JM Financial Asset Management, to raise 1.12 billion rupees to fund expansion. "We want to maintain a 25-30 percent plus growth in the AUM over the medium term," he said, adding he was not looking at raising more capital for at least two years as the business plan was funded. The fund house has seen average assets surge more than 200 percent to 116.55 billion rupees in the last one year, far higher than the 38.1 percent growth of the industry, according to data from the Association of Mutual Funds in India. JM will sell 4 percent each to Valiant Capital Partners, Blue Ridge Capital and Eton Park, it said in a statement. The proposed deal values the firm at 7.32 percent of its assets, one of the highest in... [read full story]