Vikram Pandit-led fund invests Rs 540cr in JM Financial's realty company
New Delhi: Renowned banker Vikram Pandit-led global fund has invested Rs 540 crore in JM Financial's real estate lending subsidiary FICS.
Pandit, who was earlier chief of global banking major Citigroup, has also joined the board of FICS as non-executive chairman.
FICS Consultancy Services is the real estate lending arm of JM Financial, which has also provided additional capital of Rs 360 crore, taking the total capital commitment for FICS to Rs 900 crore.
While Pandit has joined the FICS board as its non-executive chairman, Vishal Kampani and Hari Aiyar have become non-executive vice-chairmen in the company. V P Shetty would continue to be a director on the board.
JM Financial has business interests in investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, fixed income broking, non-banking finance products, private equity and asset reconstruction.