MUMBAI (Reuters) - Shares in JM Financial Ltd rose as much as 17.6 percent on Friday after the company said on Thursday former Citigroup Chief Executive Vikram Pandit is buying a stake in the Indian financial services company.
Pandit, who resigned from Citi last October, will also become non-executive chairman of JM Financial's banking arm if it succeeds in getting a banking license, the company said.
A block deal of 599,850 shares JM Financial's shares were also sold at 26 rupees in the National Stock Exchange early on Friday.
At 11:43 a.m., the stock was trading up 17.6 percent.
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
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