Nimesh Kampani, India's ace deal maker and founder of listed brokerage firm JM Financial, has decided to call it quits from the executive role effective 30 September this year, as he completes 70 years.
However, Kampani will continue to be the non-executive Chairman of the group and a director on the board of a few group companies at JM Financial, the company said while announcing the company's quarterly results.
Following his decision to step down in September, the board of directors at their meeting held today appointed his son Vishal Kampani as the Managing Director of JM Financial with effect from 1 October, 2016.
"I believe it is important for all businesses to implement a proper succession plan and I am committed to follow the same. With this in mind, I have decided to retire from the executive role with effect from September 30, 2016 when I turn 70," Nimesh Kampani said in a statement released to media houses.
Kampani became a well-known figure in the stock market circles after he brokered the Ambani brothers settlement in 2005.
Besides this, he is also on the board of Nusli Wadia company Britannia and was on the board of Essar Shipping owned by the Ruia brothers.
As of 30 June, the company's net worth stood at Rs 2,894 crore, while in the last few years Kampani helped JM's market value grow significantly which now stands at Rs 5,300 crore.
He also teamed up with former CitiBank CEO Vikram Pandit to form a NBFC venture called JM Financial Credit Solutions Ltd that is engaged in real estate financing.
Meanwhile, JM Financial also reported a 19 percent rise in consolidated net profit at Rs 86.09 crore in the first quarter ended June 30.
Net profit in the corresponding April-June quarter of the previous fiscal stood at Rs 72.35 crore.
Total income in the June quarter rose 24 percent to Rs 475.43 crore as against Rs 383.02 crore, it said in a release.
"The group's fund based business has performed well during the quarter. Our focus on asset quality and net interest margin provides a solid foundation to our growth in the fund based business. As consumption demand for funding increases, we expect to increase our lending book consistently," said Nimesh Kampani, Chairman JM Financial Group.
The company has enhanced its focus on wealth management business and value added services, he said.
JM Financial offers capital market services including investment banking, institutional equity sales, trading, research and broking, private and corporate health management, asset management and asset reconstruction.
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Updated Date: Aug 02, 2016 19:00:48 IST