Shadow bank DMI Finance Pvt said it’s raising fresh funding from Japan’s Mitsubishi UFJ Financial Group Inc. at a valuation of about $3 billion as it seeks to ramp up its lending.

MUFG is set to buy around $330 million of stock in the company, DMI Finance co-founder Shivashish Chatterjee said in an interview 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.

Source: Moneycontrol