Nomura hires senior ICCI banker to lead India ECM business – sources

MUMBAI, Jan 24 (Reuters) – Nomura Holdings ( 8604.T ) has tapped Mahesh Natarajan to lead its equity capital markets business in India, two sources with direct knowledge of the matter told Reuters on Tuesday, as the top-tier investment bank goes through turmoil amid impending hires.

Natarajan is set to join the Japanese company’s Indian unit in the coming months, said the sources, who did not want to be named as the hiring decision was not made public.

Natarajan currently oversees equity capital markets — including initial public offerings and block deals — for Nomura’s domestic rival ICICI Securities and has spent nearly 17 years with the company, according to his LinkedIn profile. Earlier he worked with Morgan Stanley.

He replaces Mangesh Ghore, who headed Nomura’s equity capital markets in India until last month.

Both Nomura and Natarajan did not immediately respond to a request for comment. An ICCI spokesperson declined to comment.

According to data from Refinitiv, Indian companies will pay $19.4 billion in equity capital markets by 2022, a 45% drop from last year.

Nomura is part of nearly $830 million in equity deals in India and is ranked 10th in 2022, up 42 percent from last year, according to Refinitiv data.

Natarajan has been part of more than 100 deals over the years, including the initial public offerings of Adani Wilmar ( ADAW.NS ), KKR-backed lender Five Star Business Finance and state-owned Life Insurance Corporation of India ( LIFI.NS ). It was India’s largest last year.

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

Our standards: The Thomson Reuters Trust Principles.

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