The fund is targeting an initial capitalisation of $100 million, JM Financial said in a statement.
Mumbai: JM Financial Ltd has said that former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 per cent equity stake in the financial services company through an issue of warrants.
JM Financial also said it would set up a fund jointly with Pandit's firm to buy distressed assets.
The fund is targeting an initial capitalisation of $100 million, JM Financial said in a statement late on Thursday.
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