 "JM Fin's Rs 22-cr warrant issue to Vikram Pandit gets FIPB nod")
The government on Thursday approved JM Financial issuing warrants worth about Rs 22 crore to well known banker Vikram Pandit, who has been roped in by the group for its proposed banking venture. The proposal was approved by the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram.
Sources said JM Financial's proposal was to issue warrants worth Rs 22.19 crore to Pandit on a preferential basis.
The allotment of these securities to Pandit, who earlier headed global financial services major Citigroup, is part of Nimesh Kampani-led JM Financial's proposed banking venture plan. JM Financial is one among the banking aspirants of the country awaiting the Reserve Bank of India's approval. Pandit, who had an unceremonious exit from Citigroup late last year, also plans to make investments in JM Financial's non-banking financial company. He will also set up a $100-million distressed asset fund with JM Financial.
According to JM Financial's announcement in May this year, it would also nominate Pandit as the non-executive chairman of its proposed banking venture.
Meanwhile, the FIPB also cleared pharma sector investment proposals, including that of Castleton Investment and Intas Pharmaceuticals. However, decision on the proposal of Karnataka-based Provimi Animal Nutrition India was deferred.
Sources said JM Financial's proposal was to issue warrants worth Rs 22.19 crore to Pandit on a preferential basis.
The allotment of these securities to Pandit, who earlier headed global financial services major Citigroup, is part of Nimesh Kampani-led JM Financial's proposed banking venture plan. JM Financial is one among the banking aspirants of the country awaiting the Reserve Bank of India's approval. Pandit, who had an unceremonious exit from Citigroup late last year, also plans to make investments in JM Financial's non-banking financial company. He will also set up a $100-million distressed asset fund with JM Financial.
According to JM Financial's announcement in May this year, it would also nominate Pandit as the non-executive chairman of its proposed banking venture.
Meanwhile, the FIPB also cleared pharma sector investment proposals, including that of Castleton Investment and Intas Pharmaceuticals. However, decision on the proposal of Karnataka-based Provimi Animal Nutrition India was deferred.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%