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After Vikram Pandit tie-up,JM Financial shares surge 17%

A block deal of 599,850 shares JM Financial's shares were also sold at 26 rupees.

Written by PTI | Mumbai | Published: May 17, 2013 9:23:48 am

JM Financial shares today shot up by nearly 17 per cent in morning trade,after the company said former Citigroup chief Vikram Pandit will buy stake in it.

Following the news,shares of JM Financial opened the day on a strong note and as the trade progressed,it jumped 16.77 per cent to Rs 27.50 — its 52-week high on the BSE.

At NSE,the stock surged 17.62 per cent to a one-year high of Rs 27.70.

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The market capitalisation of the company moved up by Rs 259 crore to Rs 2,029 crore.

Beginning a new innings,former Citigroup chief Vikram Pandit will spearhead Nimesh Kampani-led JM Financial’s proposed banking venture and will also make a strategic investment in the financial services group.

India-origin Pandit will join hands once again with his business partner Hari Aiyar to buy three per cent stake in JM Financial for Rs 45 crore.

Pandit,Aiyar and Aparna Murthy Aiyar would together buy 2.32 crore warrants at a price of Rs 19.50 per piece,aggregating to Rs 45 crore. JM Financial will issue over 1.16 crore warrants worth about Rs 22.6 crore to Pandit alone.

JM Financial will nominate Pandit as the non-executive chairman of its proposed banking venture in which he and Hari Aiyar would have the right to purchase shares up to the amount prescribed by RBI.

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