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JM stocks soars on Pandit stake, banking license hopes


JM stocks soars on Pandit stake, banking license hopes
Shares in JM Financial soared by 15 per cent in trade today, following reports of a stake by former Citi boss Vikram Pandit picking a stake in the company.

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.

Read more about: jm financial
Story first published: Friday, May 17, 2013, 10:02 [IST]
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