Mumbai: Deutsche Bank AG managing director (MD), investment banking coverage Ravi Shankar has quit to join JPMorgan India’s investment banking team as MD, two people aware of the development said.
Shankar, who quit last month after two years at Deutsche Bank, is currently on leave. He will join JPMorgan by the second week of August, the first of the two persons said on condition of anonymity.
At JPMorgan, Shankar will report to Kaustubh Kulkarni, head of India investment banking. Shankar has over 16 years of experience in financial services, especially in investment banking.
Shankar had joined Deutsche Bank in May 2015 from Avista Advisory Group, an investment banking firm with operations across India and South-East Asia, where he was MD (investment banking). At Avista, he was involved with deals such as foreign currency convertible bond (FCCB) restructuring of Jaiprakash Power Ventures Ltd and Suzlon Energy Ltd. Shankar had joined Avista in 2014 after spending nine years with UBS Investment Bank.
In his two years, Shankar strengthened the capital markets business at Deutsche Bank and won several equity and debt financing mandates. He was involved in the ICICI Prudential Life initial public offering and the Federal Bank Ltd qualified institutional placement.
He was also a part of debt transactions such as $300 million worth of bonds of Motherson Sumi Systems Ltd, refinancing of $350 million worth debt of engineering services firm GlobalLogic, refinancing term loans and bonds of Novelis Inc. worth $3 billion, and $400-million worth debt refinance of data analytics firm Mu Sigma. He also worked on helping Yatra list in the US through a special purpose acquisition company merger.
Before joining UBS in 2004, Shankar worked with DSP Merrill Lynch (now Bank of America Merrill Lynch) at its Mumbai and Singapore offices.
A Deutsche Bank spokesperson declined to comment, while a mail sent to JPMorgan was not answered. When contacted, Ravi Shankar declined to comment.
During his stint at UBS, Shankar played a key role in leading transactions such as Hindalco Industries Ltd’s $6-billion acquisition of Novelis, Unilever Plc’s $3.3-billion tender offer for Unilever India, Essar’s $1.6-billion acquisition of Algoma Steel Inc., Tech Mahindra Ltd’s $577-million acquisition of Satyam Computer Services Ltd and Genpact Ltd’s $550-million buy of Headstrong.
JPMorgan India’s investment banking team consists of Nitin Maheshwari, head of India M&A, who joined from Credit Suisse in 2015 and Vinay Menon, head-equities capital market.
According to 2016 Indian ECM & M&A Revenue Rankings table of Dealogic, JPMorgan stands at sixth position, with a net revenue of $12 million, and holds a share of 5.1% deals in Indian market.