May 16, 2013 / 2:44 PM / in 4 years

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

Citigroup's CEO Vikram Pandit gives an interview on the floor of the New York Stock Exchange June 18, 2012. REUTERS/Brendan McDermid

MUMBAI (Reuters) - India’s JM Financial Ltd (JMSH.NS) 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

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