They are more comfortable with the talent pool available in India to run businesses, they have given open offers and managed listed businesses, confidence is high and that will continue to be a large bucket of deal activity, S Ramesh, managing director and CEO of Kotak Investment Banking, said in an interview. Kotak has been one of the leading investment banks in terms of M&A and equity capital market activity and is seeing its business grow steadily. Edited excerpts:
Where are you seeing the deal flow coming from?
Today, you have the top 15 corporates. Then, there is this middle layer, who have also been very active in dealmaking. And then, this whole set of financial sponsors has now become quasi-promoters. So, they are in the middle of a lot of investment activity. Acquiring, selling, they are investing. So, they are divesting, and hence there is a whole lot of activity. The composition of clients has evolved and changed.
So, what are you advising them on?
Our ideation over the last few years, if I were to give you what is the day job that we have, is no longer product solutions. It is about solving specific questions of clients or problems of clients. Say a private equity investor has a business that he likes, but he doesn’t like the whole business. We help them spin off this vertical they do not want. In the case of corporates, they are looking at either divesting assets or raising capital. So, I think those themes are well known, and the bigger groups are investing, divesting, or spinning off.
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