On Air Now

Current Show

Coast to Coast AM   12:00 AM - 5:00 AM

Call Coast to Coast now at 1-800-825-5033

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 590 AM Kalamazoo, MI

Weather

Current Conditions(Kalamazoo,MI 49001)

More Weather »
45° Feels Like: 41°
Wind: W 7 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Rain 60°

Tonight

Clear 42°

Tomorrow

Mostly Sunny 59°

Alerts

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
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 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)

Comments