IndiaSphere

ICICI Securities Ltd (I-Sec), the investment banking subsidiary of ICICI Bank, has ceded a major role to the parent. I-Sec will not do M&A advisory work on such deals which involve a change in the control of the company. From now on, such mandates will be done by the internal investment banking division of ICICI Bank.
The Economic Times reported, quoting Madhabi Puri-Buch, MD & CEO of I-sec, that her firm will not do such M&A mandates where control changes hands. “Since a predominant number of people, who wish to be advised on M&A, also look for acquisition finance, it was decided that the business should be housed in the bank,” Puri-Buch told ET. “Now, if a corporate is seeking a sell mandate or a buy mandate, where the transfer of controlling interest takes place, the deal will be done by ICICI Bank.”
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