Epic Update : JM Financial

Vikram Pandit to make strategic investment
Vikram Pandit & Hari Aiyar to get 1.5% in JM Financial
Pandit, Aiyar to get 1.5% in co post conversion of warrants
Pandit to raise, manage funds raised for lending, fin biz
Vikram Pandit not to have any stake in NBFC
Pandit, Aiyar may get up to 4.99% each in banking entity
Non-resident stake in banking capped at 5% by RBI
To jointly set up distressed asset fund
Capitalisation of distressed asset fund to be USD 100 mn
To apply for banking licence
To nominate Pandit as Non-Executive Chairman of proposed bank
Pandit, Hari Aiyar to have right to buy stake as per RBI norms
Pandit to be Non-Executive Chairman of lending & financing biz.

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