Nomura hires ICICI banker to lead India ECM business – sources

MUMBAI, Jan 24 (Reuters) – Nomura Holdings (8604.T) has hired Mahesh Natarajan to lead its equity capital markets business in India, two sources with direct knowledge of the matter told Reuters on Tuesday, in the process of a deal. The top investment banking hires in China are going through a turbulent phase.

Natarajan will join the Japanese company’s India unit in the coming months, the sources said, declining to be named as the hiring decision is not made public.

Natarajan is currently in charge of equity capital markets — including initial public offerings and blockbuster deals — at Nomura’s domestic rival, ICICI Securities, and has been with the firm for nearly 17 years, according to his LinkedIn profile. He had earlier worked at Morgan Stanley.

He succeeds Mangesh Ghogre, who until last month ran Nomura’s equity capital markets business in India.

Neither Nomura nor Natarajan immediately responded to requests for comment. An ICICI spokesman declined to comment.

Indian companies raised $19.4 billion from equity capital markets in 2022, down 45% from the previous year, amid a rising interest rate environment and growing concerns over valuations, Refinitiv data showed.

Nomura was involved in almost $830 million worth of Indian equity deals, ranking it tenth in 2022, up 42% from the previous year, according to Refinitiv data.

Natarajan has been involved in more than 100 deals over the years, including the IPO of Adani Wilmar (ADAW.NS), KKR-backed lender Five Star Business Finance and state-owned Life Insurance Company of India (LIFI.NS), India’s largest last year .

Reporting by M. Sriram; Editing by Aditya Kalra and Dhanya Ann Thoppil

Our Standards: The Thomson Reuters Trust Principles.

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