Macquarie Capital has hired Sanjay Agarwal to head equity capital markets (ECM) in India.
This is a newly created role in India as Macquarie seeks to build this business, riding on the success it has had in ECM in some other markets such as North Asia where, over the past 12 months, it has worked on deals like the initial public offerings of Agricultural Bank of China and Minsheng Bank. In India, ECM deals on which Macquarie has had a role include the $350 million qualified institutional placement (QIP) for Housing Development and Infrastructure (HDIL) and a $150 million QIP for GVK Infrastructure.
Agarwal will be based in Mumbai. He has more than 11 years of financial services experience, most recently at domestic full-service investment bank, Edelweiss Capital. He worked at accounting firm Arthur Andersen and insurance major HDFC Chubb before he joined Edelweiss.
Macquarie researches more than 1,200 Asia-listed securities. In India the firm ranks among the top five foreign brokers, Macquarie said in a written statement. The bank has around 400 employees in India of which more than 25% work in the equities and advisory business.
