JM Financial confirms exit of Joint MD and veteran dealmaker Atul Mehra

Atul Mehra's move marks one of the biggest transitions in the sphere of dealmakers.

Domestic investment bank JM Financial announced the exit of its joint managing director and veteran deal maker Atul Mehra in a disclosure to the stock exchanges on January 20.

Earlier in the day, Moneycontrol was the first to report about the exit plans of Mehra, who has moved on after a tenure of more than 32 years. He is likely to join rival Axis Capital as its MD and CEO, sources privy to the development had said.

JM Financial, in its regulatory filing, said the board of directors has taken note of Mehra's resignation and "placed on record its appreciation for the contribution made by him during his tenure".

A copy of Mehta's resignation letter submitted on January 19 was also attached with the exchange filing. "This is to inform you that after due consideration, I have decided to tender my resignation from the board of the Company as a Joint Managing Director and as the Key Managerial Personnel due to personal reasons and in pursuit of exploring other career prospects," the letter stated.

Mehra, in the resignation note, requested the company to relieve him "on or before March 31, 2024".