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

Thu May 16, 2013 10:40am EDT
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MUMBAI (Reuters) - India's JM Financial Ltd (JMSH.NS: Quote) 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)

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