Vikram Pandit-led global fund pumps in Rs 540 cr into JM Financial's realty co
Former Citigroup chief executive Vikram Pandit-led global fund has invested Rs 540 crore in JM Financial's real estate lending subsidiary FICS.<br />
Former Citigroup chief executive Vikram Pandit-led global fund has invested Rs 540 crore in JM Financial's real estate lending subsidiary FICS.
India-origin Pandit, a well known banker who was earlier chief of global banking major Citigroup, has also joined the board of FICS as non-executive chairman. Pandit bought a stake in JM Financial last year.
JM Financial also injected another Rs 360 crore in capital to enhance the real estate unit's financing in India, it said in a statement on Thursday.
The two investments together amounted to Rs 900 crore.
While Pandit has joined FICS board non-executive chairman, Vishal Kampani and Hari Aiyar have become non-executive vice chairmen in the company. VP Shetty would continue to be a director on the board.
"We are extremely happy to welcome Vikram Pandit as chairman on the board of FICS and are confident that his expertise in global financial services will guide the team while leveraging his knowledge of best global practices," JM Financial Group Chairman Nimesh Kampani said.
According to Kampani, the capital injection would open up new growth opportunities in a promising market.
The investment also underscores Pandit's belief in the group's ability to identify growth opportunities and create significant value for its stakeholders through its product offering, the chairman noted.
An integrated financial services group, JM Financial is into investment banking, institutional equity sales, trading, research and broking, among others.
In 2013, JM Financial had announced that Pandit would spearhead its proposed banking venture and also make a strategic investment in the financial services group.
Indian-origin Pandit will join hands once again with his business partner Hari Aiyar to buy three percent stake in JM Financial for Rs 45 crore.
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