Shares in JM Financial Ltd rose as much as 10% at the pre-open on Friday after the company said on Thursday former Citigroup chief executive Vikram Pandit is buying a stake in the Indian financial services company.
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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 Rs 26 in the National Stock Exchange early on Friday.
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