Azim Premji, Chairman and founder of leading IT firm Wipro, is likely to buy additional 5% stake in JM Financial. Premji currently holds 2.9% stake, as part of his individual investment portfolio, in Nimesh Kampani-led JM Financial, one of the 25 aspirants eyeing banking foray.
The shares can be allotted at a significant premium to the current share price. Premji Invest, the family investment arm of Premji, holds shares in a number of companies as financial investments and some of them have been liquidated in the past.
JM Financial is an integrated financial services group, offering a wide range of services to a significant clientele that includes corporations, financial institutions, high net-worth individuals and retail investors.
