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Ex-Citi CEO Pandit, partner take stake in India's JM Financial

2013-05-16T144012Z_1_CBRE94F14R900_3_MARKETS-STOCKS.JPG

 (Copyright Reuters 2013)

India's JM Financial Ltd says former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 percent equity stake in the financial services company through an issue of warrants.

JM Financial also said it would set up a fund jointly with Pandit's firm to buy distressed assets. The fund is targeting an initial capitalization of $100 million, JM Financial said in a statement late on Thursday.

(Reporting by Aditi Shah. Editing by Jane Merriman)