In a key internal rejig at leading domestic investment bank Kotak Investment Banking, Kaushal Shah, currently an Executive Director and Head of Financial Services, will soon take over as the new Head (ECM origination) at the firm, sources with knowledge of the matter told Moneycontrol.
To be sure, ECM refers to equity capital markets and this vertical handles IPO’s, QIP’s, rights issues, preferential issue of shares, block deals amongst other transactions.
Shah is poised to replace outgoing banker Subhrajit Roy who is headed to BofA Securities, India as MD & Head ( Global Capital Markets). Moneycontrol was the first to report Roy’s exit on May 4th, 2021.
According to his Linkedin profile, Kaushal Shah, a chartered accountant and alumnus of Indian School Business, has been with Kotak Investment Banking for more than 16 years. Prior to that, he had a stint of a little more than 3 years at ICICI Securities in the m&a and equity capital markets teams. He has also had stints at Tata Steel and Precious Plasto Packing Ltd, part of the Meco Group.
“Kaushal Shah will take over the new role post the end of this month,” said one of the individuals cited above.
“He has had a strong stint in the financials segment in the last 5 years and has a good reach with clients. An internal choice causes least disruption,” added a second individual aware of the move.
A third individual also confirmed the move. Shah will report to V Jayasankar, Senior Executive Director and Head of Equity Capital Markets. It wasn’t immediately clear who would take up Shah’s existing role at the firm.
All the three individuals above spoke to Moneycontrol on the condition of anonymity.
Moneycontrol is awaiting an email response from Kotak Investment Banking and will update this article as soon as it hears from them. Kaushal Shah could not be reached for an immediate comment.
In the ECM segment, since last year, Kotak Investment Banking has worked on transactions like the Burger King IPO, Gland Pharma IPO, UTI AMC IPO, CAMS IPO, Embassy REIT IPO as well as QIPs by HDFC Ltd & ICICI Bank and the Reliance Rights Issue. In the past few months, it has acted on listings by Lodha Group, Sona Comstar and KIMS ( Krishna Institute of Medical Sciences) and QIP’s by Brigade Enterprises and Aarti Industries.
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