JM Financial Ltd.

JM Financial has received its board approval to issue of 11.65 million warrants to former Citgroup chief Vikram Pandit and Hari Aiyar at a price of Rs 19.50 per share on preferential basis.

Vikram Pandit and Hari Aiyar will pay about Rs 55 crore for the stake, besides investing about Rs 550 crore for expansion of the non-banking financial company’s (NBFC) lending business. Meanwhile, the board has also approved filing of application for a banking licence with the Reserve Bank of India (RBI). The application deadline expires on July 1, 2013.