Two key i-Sec execs on way out

Jun 06, 2007
Ashish Rukhaiyar
MUMBAI

TWO key officials of ICICI Securities (i-Sec), Amrish Baliga and Mehul Savla, who control a major chunk of the investment banking business, have expressed their desire to exit the organisation. It is believed the two officials of the VP rank have already put in their papers. However, i-SEC officials said that talks and negotiations are on with the i-bankers to retain them.

While there is talk Amrish Baliga and Mehul Savla are toying with options of moving to a foreign investment banking entity, another key official, Anuj Bhargava is also moving albeit to parent company, ICICI Bank. The latter’s move has been categorised as an inter-group transfer as prior to joining i-Sec, Mr Bhargava was with ICICI Bank.

Mr Baliga has been with the i-bank for 5 years, while Mr Savla has spent 8 years in i-Sec. Mr Baliga has been in charge of the private equity business, while Mr Savla looks after the equity capital markets business. Mr Savla has the distinction of having earlier worked with Sebi for 3 years covering equity derivatives and secondary markets. Anuj Bhargava heads the business restructuring advisory group at i-Sec.

“Talks and discussions are on and I believe at least one of them will stay back,” said a senior official with the ibanking entity. Mr Savla and Mr Baliga could not be reached for their comments.

Sources also add i-Sec will indeed try hard to retain least one of them, as they control a major chunk (50 60%) of the business. While Mr Baliga is looked upon as the backbone of the private equity business of i-Sec, Mr Savla has been more than active on the execution side.

It is believed that if negotiations fail, then two of them might just leave before the end of this month. Amongst the sops being extended to retain them, there is talk of inclusion on the board, said a source.

An exit would place i-Sec in a quandary given that the investment banking entity is occupied with the DLF and Bharat Earth Movers issue. ICICI Bank, is also slated to raise Rs 10,000 crore in the domestic market. The other notable deal includes that of Omaxe.

Earlier, Devesh Kumar, head equities at i-Sec had moved out to Centrum Broking, taking 2 key people from within the research and trading team— R Amarnath and Om Prakash Periwal.