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At its board meeting on Thursday, JM Financial also approved a proposal to apply for a banking license as per the Reserve Bank of India's guidelines. Pandit will be nominated as non-executive chairman for the proposed bank, the JM Financial had said in a release.
Pandit, and his business partner Hari Aiyar will each buy 1.5 percent stake in JM Financial through warrants, the Mumbai-based financial services group said in a statement.
The shares of JM were last trading at Rs 27.20, up 15 per cent over Thursday's close.
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