Churn on in financial services firms
Mumbai: The churn in India's booming financial services companies is growing. The most recent instance is the one in domestic brokerage firm India Infoline which is grabbing four senior executives of global investment banking and brokerage service provider CLSA.

Bharat Parajia, head of sales CLSA Singapore, H Nemkumar, country head CLSA India, Vasudev Jagannath, head of sales CLSA India and Aniruddha Dange, head of research, CLSA India have quit from CLSA and will join India Infoline soon.

Bharat Parajia based in Singapore would join the Mumbai team.

India Infoline in a communication to the Bombay Stock Exchange (BSE), said it will be issuing a total of 90 lakh preferential equity warrants at Rs 440 each to these CLSA executives, of which 25,00,000 would be alloted to Parajia and Nemkumar each while Jagannath and Dange would get 20,00,000 each.

Meanwhile, the board of India Infoline met today and approved a proposal to raise Rs 484 crore by way of preferential issue of 1.1 crore equity warrants to promoters and institutional investors at Rs 440 each.

The brokerage will allot 13.11 lakh warrants to its promoters Nirmal Jain and R Venkatraman (3.70 lakh warrants). Khattar Holdings Pvt Ltd will also be given 3.18 lakh warrants.
Back to News Review index page