New Delhi, May 17: Shares in JM Financial surged as much as 11 per cent to Rs 26.10, extending its previous day's 16 per cent surge after its board approved issue of 11.65 million warrants to former Citgroup chief Vikram Pandit and Hari Aiyar at a price of Rs 19.50 per share on preferential basis.
Pandit, who resigned from Citi last October, will also become non-executive chairman of JM Financial's banking arm if it succeeds in getting a banking license, the company said.
Vikram Pandit and Hari Aiyar will pay $10 million (about Rs 55 crore) for the stake, besides investing $100 million (about Rs 550 crore) for expansion of the non-banking financial company's (NBFC's) lending business.
