Wipro chief Azim Premji may hike stake in JM Financial by 5%

Posted By: Staff
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NEW DELHI: As JM Financial awaits RBI view on its bank licence plea, market is abuzz with talks of billionaire Azim Premji buying additional 5% stake in the company that has also roped in former Citibank chief Vikram Pandit as a key investor for its banking pursuit. Premji, chairman and founder of leading IT firm Wipro, currently holds 2.9% stake as part of his individual investment portfolio in Nimesh Kampani-led JM Financialone of the 25 aspirants eyeing banking foray.

While spokespersons for JM Financial as also for Premji did not reply to queries in this regard, market sources said that the company may allot fresh shares amounting to up to 5% additional stake to the IT czar.

While there was no official confirmation, sources said that the shares can be allotted at a significant premium to the current share price. JM Financial shares closed 5.1% up at.28.85 apiece on Friday.


Story first published: Monday, December 2, 2013, 10:33 [IST]
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