On Monday, Religare said in a statement that Jacob Ballas will invest in Religare Finvest in the form of enforced convertible preference shares.
Religare Finvest is a non-banking financial company, provided debt capital to micro, small and medium enterprises. Since Sept 30, 2011, it had loaned 113.8 billion rupees to over 25,000 companies.
Private-equity fund Avigo Capital had invested 1.5 billion rupees in Religare Finvest in Nov last year.
Investors in the Funds comprise mainly leading international institutions like insurance companies, sovereign wealth funds, pension funds, banks, funds of funds and reputed international family investment offices.