MUMBAI, Jan 24 (Reuters) – Nomura Holdings ( 8604.T ) has tapped Mahesh Natarajan to lead its capital markets business in India, two sources with direct knowledge told Reuters on Tuesday, a level investment banking hire high that comes when you make deals. going through a turbulent phase.
Natarajan will join the Japanese firm’s Indian unit in the coming months, the sources said, declining to be named as the hiring decision is not public.
Natarajan currently heads capital markets — including initial public offerings and block deals — for Nomura’s domestic rival ICICI Securities and has spent nearly 17 years with the firm, according to his LinkedIn profile. He worked with Morgan Stanley previously.
He replaces Mangesh Ghogre, who led Nomura’s equity capital markets business in India until last month.
Both Nomura and Natarajan did not immediately respond to a request for comment. An ICICI spokesperson declined to comment.
Data from Refinitiv showed that Indian companies raised $19.4 billion from capital markets in 2022, down 45% from a year ago, amid a rising interest rate environment and growing concerns over valuations.
Nomura was part of about $830 million worth of equity deals in India and ranked 10th in 2022, Refinitiv data showed, up 42% from a year earlier.
Natarajan has been part of more than 100 deals over the years, including the initial public offerings of Adani Wilmar ( ADAW.NS ), KKR-backed lenders Five Star Business Finance and state-owned Life Insurance Corporation of India ( LIFI.NS), which was India’s largest last year.
Reporting by M. Sriram; Editing by Aditya Kalra and Dhanya Ann Thoppil
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