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Azim Premji to buy stake in JM Financial

02 Dec 2013 Evaluate

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.

Peers
Company Name CMP
Bajaj Finserv 1741.00
TVS Holdings 11754.85
Cholamandalam Fin. 1400.55
Altius Telecom Infra 173.02
Kama Holdings 2226.00
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