Comments
The JM Financial scrip gained over 13 per cent on Friday following the news of ex-Citi honcho Vikram Pandit picking up a three per cent stake.
The stock closed at Rs 26.7 on the BSE.
The traded volume on the BSE was over 1.28 crore shares with 26 per cent delivery. On the NSE, over 4.46 crore shares were traded with over 28 per cent delivery.
JM Financial offers services such as investment banking, equity/ commodity/ fixed income broking, wealth/ portfolio/ asset management, non-banking finance products, private equity and asset reconstruction.
The company had announced that it had issued over 2.32 crore warrants to Vikram Pandit, Hari Aiyar and Aparna Murthy Aiyar at Rs 19.05 each.
The company intends to apply for a banking licence and has nominated Pandit as non-executive chairman.
Pandit has also been nominated non–executive chairman of an NBFC that would expand the lending and financing business of JM Financial.
The JM Board has earmarked an issuance of $100 million for this purpose.
A distressed asset fund with an initial corpus of $100 million will be set up by JM Financial and Vikram Pandit’s firm.
>raghavendrarao.k@thehindu.co.in
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.