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An Overview of Investment Banking Practice
Elara Capital
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Corporate Overview
Our Vision
“ELARA CAPITAL brings new, value added, and innovative financial solutions for
Emerging Market Corporates, assisting them to maximize the use of
diverse Global Financial Markets, through a professional,
ethical and disciplined approach to business”
Incorporated in 2002; Elara Capital is a full service Investment Bank headquartered in London, established to focus on
harnessing the growth of the Emerging Market Corporates. Since then, Elara has become a leader in global fund raise and cross-
border transactions with offices in London, Mumbai, NewYork, Singapore and Dubai
Elara is authorised and regulated by the Financial Services Authority (FSA) to conduct investment business in the United
Kingdom and is a member of the London Stock Exchange and is also SEBI registered Financial Institutional Investor
Elara is licensed by Securities Exchange Board of India (SEBI) as a Category 1 Merchant Banker and Elara Securities is a
Corporate member of India’s premier bourses - NSE and BSE
Elara is authorised by Financial Industry Regulatory Authority (FINRA) and has a broker-dealer license in the United States of
America (USA)
3
Mumbai & Ahmedabad
London (HQ)
Our Global Footprint
Dubai
IB, AM, Sales & Trading
IB, Sales & Trading
IB, Research , Sales & Trading
Zurich
Asset Management Advisory
New York
IB, Sales & Trading
Singapore
IB, Sales & Trading
Mauritius
Asset Management Advisory
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We are a Full-Service Investment Bank.....
Investment Banking
Elara Capital
Corporate Finance Capital Markets Sales & Trading Asset Management
Mergers &
Acquisitions (Cross
Border, Domestic &
Distressed Assets)
Private Equity
Syndication
Capital Raising
(GDR, FCCB, LSE
Listings IPO, QIP)
FCCB / Debt
Restructuring
Debt Syndication
(ECB / Rupee Loan
/ Promoter
Financing)
Equities Research
Trading & Brokerage
(GDR/ADR, Indian
Stocks, F&O)
Fixed Income Trading
Foreign Institutional
Investment into India
Managed funds
(including arbitrage)
HNI Business
Market Making for
LSE-AIM Listed
Stocks
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...providing Lifecycle Investment Banking for Emerging Market
Companies
PE / VC:
Follow on VC Funding
Private Equity Syndication
M&A:
Strategic Investments
Sell Side M&A Representation
Capital Markets:
IPO
LSE –AIM, Main Market Listing
NASDAQ / NYSE Listing
M&A:
Buy Side / Sell Side M&A Advisory
Debt Syndication:
ECB / Rupee Loan Syndication
PE:
Private Equity Syndication / Pre IPO
Placement
Capital Markets:
Foreign Currency Convertible Bond
Issuance and Buybacks
Global Depository Receipts – Singapore,
Luxembourg, London
Qualified Institutional Placement
M&A:
Systematic Global Target Search and Buy
Side M&A Advisory
Divestitures / Global Auctions
Distressed Assets Acquisition Advisory
Debt Syndication:
Acquisition & Project Finance Syndication
PE:
PIPE / Equity Financing in Subsidiaries
Emerging Growth Companies
Unlisted Mid Market Companies
Listed Mid Market / Large
Companies & Conglomerates
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Physical presence across major
financial hubs of London, New York,
Dubai, Singapore & Mumbai
On-ground Global Presence
Extensive Global Advisor Network
of 150+ IBs provides access to best
transactions & top companies
globally
Extensive Partner IB Network
Expertise in conducting Global
Auctions and Systematic Search
Programs to find the right partner
through intensive research & analysis
Systematic Search Program
Working relationships with multiple
Strategic Investors and PE Funds
globally ensures an influx of Inbound
M&A deal ideas
Access to Global PE FundsUnderstanding of Local Laws
Deep sector knowledge,
understanding of local laws and
customs with pertinent structuring
capabilities
Elara Capital has a
track record of
representing some
of the largest Indian
Conglomerates in
their Global foray
M&A Advisory
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M&A: Distressed Asset Acquisition Advisory
Elara Capital has a wide network of
relationships exclusively tracking
distressed assets globally:
Relationships with leading
Investment Banks, Insolvency
Practitioners, Bankruptcy
Lawyers, Administrators and
Boutique Advisors
Extensive network that provides
us early inroads into prospective
distress asset sales
Elara Capital is one of
the few investment
banks in India with a
specialist distressed
asset practice
Specialist Team
Deal Sourcing
Capabilities
Partner of Choice
Elara Capital has a specialist team
working on distressed asset M&A:
Focus on UK, USA, Latin
America, South East Asia &
Africa
In-depth knowledge &
understanding of regional
bankruptcy laws and distressed
asset M&A lifecycle
Understanding of the unique
opportunities & risks presented
by the purchase of distressed
assets
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Private Equity / Venture Capital Syndication
Advise companies across industries in arranging capital at various stages of business and meet growth and late
stage capital requirements
Access to global strategic investors in key sectors to help position our clients effectively during capital
syndication engagements
Urbane understanding of entrepreneurial and family run businesses
Strong relationships with fund houses globally & locally to ensure optimum distribution
Research driven tracking of investment environment
Growth funding, acquisition financing, special situation funding
Growth Equity, Acquisition Financing, Buyout Financing and Special Situation Equity Fund Raise
through pedigreed VC / PE investors
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Capital Market Offerings
Elara Capital is a market leader in the overseas capital raising through the GDR route
Our strong distribution capabilities and relationships with frontier / emerging market funds
have driven the success of this product
Global Depository
Receipts (GDR)
Foreign Currency
Convertible Bonds (FCCB)
Elara is a market leader for raising FCCB for Indian Corporates, having raised over a billion
dollars for large and mid-sized companies
AIM Listings
Initial Public Offerings
(IPO)
Qualified Institutional
Placements (QIP)
PIPEs
Elara Capital has a broker license at LSE’s Alternative Investment Market and a proven
capability to take companies with innovative business models to the premier destination for
risk capital
Elara Capital is licensed to facilitate both international and domestic listings and brings a
diverse and differentiated investor base to the client company
Strong relationships with fund houses and a nuanced understanding of market trends form
the cornerstone of our QIP execution
Elara Capital can help raise Private Equity in Public Entities through its relationships with
leading PE Investors
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Bloomberg ranks Elara 5th for India
Foreign Currency Convertible Bonds
in FY „11
Bloomberg ranks Elara 6th for India
overseas equity offerings in CY „10
Bloomberg ranks Elara 15th for India
domestic equity QIPs in FY „11
League Tables Validate our Success
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Advised on the transaction
where in BTS PE acquired an
additional stake in Parabolic
Drugs through an exiting
investor
March 2009
Advised Emerge Learning Services
on its investment in the UK-based
Education Company, AEC
Education Plc.
June 2009
Advised Godrej Consumer
Products on its acquisition of the
Latin American Issue Group
May 2010
Fund-raise for STV, a leading Media
company, from the Private Equity
Fund DAR Ventures
September 2008
Advised Aurona on its acquisition
by Pyramid Saimira
January 2008
Advised Marksans Pharma
on its acquisition of the
UK-based 161 years old Bell,
Sons & Co, (Druggist) Limited
January 2008
Sole advisor to selling
shareholders holding 100% of
Covrad Holdings Ltd
December 2010
Key Transactions: Mergers & Acquisitions / Private Equity
Takeover Panel Advisors for
the Network18 acquisition of
Indian Film Company
July 2009
Advised AIM Listed The Indian
Film Company on its
$120,000,000
Take Over Offer by Viacom
October 2010
Advised Paramount on its
acquisition of the UK-based AEI
Cables Limited
September 2007
Advised KLG on their
acquisition of the Chennai based
company Atlantis Lab Private
Limited
August 2007
Advised Aftek on its acquisition of
Arexera GmbH,
a search engine company
August 2007
Advisor to Vivimed Labs on its
INR 670,000,000
Private Equity fund-raise from
NYLIM Jacob Ballas
September 2011
Sole Advisor to SAIF for
purchase of 7.74% equity
stake in Pennar Industries
December 2011
Advisor to KEC International
for the sale of
Wind Mill Assets
May 2012
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Kiri Dyes & Chemicals Ltd
INR 562,500,000
IPO
Co-Lead Manager
April 2008
Aksh Optifibre Ltd
$40,000,000
FCCB+GDR
Lead Manager
January 2008
Country Club India Ltd.
$100,000,000
GDR
Lead Manager
January 2008
REI Agro Ltd
INR 886,000,000
Rights Issue
Institutional Placement
July 2010
JBF Industries Ltd
INR 850,000,000
QIP
Global Coordinator & BRLM
September 2010
Parsvnath Developers Ltd.
INR 2700,000,000
QIP
Global Coordinator & BRLM
October 2010
Nectar Lifesciences Ltd
$35,000,000
GDR
Lead Manager
March 2010
HAGL Joint Stock Company
USD 60,000,000
GDR
Sole Lead Manager and Book
Runner
November 2010
Key Transactions: Capital Raising
Prakash Industries Ltd
$60,000,000
FCCB
Lead Manager
April 2010
Prakash Industries Ltd
$50,000,000
FCCB
Lead Manager
October 2009
Advisor to Subex Limited
for FCCB Restructuring of
USD 127,721,000
Sole Dealer Manager
July 2012
Undisclosed
FCCB Buyback
Dealer Manager
March 2012
INR 418,000,000
Tier II Capital Fundraise
Lead Arranger
March 2012
XL Telecom Ltd
$40,000,000
FCCB
Lead Manager
October 2007
Easun Reyroll Ltd
$50,000,000
FCCB+GDR
Lead Manager
December 2007
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McNally Bharat Eng Ltd
$10,000,000
FCCB
Lead Manager
October 2006
KEI Industries Ltd
$36,000,000
FCCB
Lead Manager
November 2006
Country Club India Ltd.
$25,000,000
FCCB
Lead Manager
December 2006
Core Projects & Tech Ltd
$12,250,000
FCCB
Lead Manager
November 2006
MARG Constructions Ltd
$15,000,000
GDR
Lead Manager
February 2007
ICSA India Ltd
$22,000,000
FCCB
Lead Manager
March 2007
KLG Systel Ltd
$22,000,000
FCCB
Lead Manager
March 2007
Kamat Hotels India Ltd
$18,000,000
FCCB
Lead Manager
March 2007
Murli Industries Ltd.
$23,000,000
FCCB
Lead Manager
February 2007
Paramount Cables
$27,000,000
FCCB
Lead Manager
November 2006
Key Transactions: Capital Raising
TV18 Indian Film Co.
$110,000,000
AIM Listing
Joint Broker
June 2007
ANG Auto Ltd
$12,000,000
FCCB
Lead Manager
April 2007
Flex Industries Ltd.
$85,000,000
FCCB
Lead Manager
March 2007
KLG Systel Ltd
$7,500,000
GDR
Lead Manager
September 2006
Prajay Engg. Syndicate Ltd.
$60,000,000
FCCB
Lead Manager
July 2006
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KRBL Ltd
$12,000,000
GDR
Lead Manager
February 2006
Alps Industries Ltd
$22,000,000
GDR
Lead Manager
Mar 2006
Zicom
$11,000,000
FCCB
Lead Manager
September 2005
Ind-Swift Ltd
$11,000,000
GDR
Lead Manager
August 2005
ERA Construction Ltd
$30,000,000
GDR
Lead Manager
February 2006
Surya Pharma Ltd
$12,000,000
FCCB
Lead Manager
September 2005
Vaibhav Gems Ltd
$70,000,000
GDR
Lead Manager
December 2005
Madhucon Projects Ltd
$62,000,000
GDR
Lead Manager
February 2006
Key Transactions: Capital Raising
Venus Remedies Ltd.
$12,000,000
FCCB
Lead Manager
April 2006
MARG Constructions Ltd.
$12,000,000
FCCB
Lead Manager
June 2006
Aarti Drugs Ltd
$10,000,000
FCCB
Lead Manager
April 2005
Emco Ltd
$11,000,000
GDR
Lead Manager
June 2005
Granules India Ltd
$8,650,000
GDR
Lead Manager
January 2005
Aptech Ltd
$15,000,000
GDR
Lead Manager
November 2003
Gammon India Ltd
$12,000,000
GDR
Lead Manager
December 2004
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This was a classic PIPE transaction, where Elara Capital stitched up a win-win proposition for the promoters of the company as well as the
investors. The investors got protection rights just as they would in a private transactions and were able to take advantage of the attractive
valuations prevailing in the public market. At the same time, the company’s share price got support for an extended duration and it was
able to add a pedigreed investor in its shareholder roster.
Elara Capital approached some of the existing Institutional investors in Pennar Industries and was successful in negotiating sizeable blocks
for SAIF Partners given the low liquidity in the counter as well as manage discreet open market operations. This was a complex exercise
and was managed through close coordination between various functions at Elara.
Pennar Industries Limited is a multi-location, multi-product company manufacturing Cold
Rolled Steel Strips, Precision Tubes, Electro Static Precipitators, Railway Wagons, Coach
Components, Press Steel Components and Road Safety Systems
Pennar has transformed itself from a metal company to a high-end precision engineering
company insulating it from uncertainties of the commodity cycle and has identified and grown in
the niche segment
The company posted revenues of INR 10,720 million with a PAT of INR 694 million for FY 11.
SAIF Partners is an Asia focused PE fund with USD 3.5 billion under management. It has
investments in leading companies like JustDial, MakeMyTrip, Network 18, Havell’s, One97 and
NSE
Assisted by Elara’s Investment Banking and Sales & Trading team, the fund picked up 7.74% stake
in the company from open market and through bulk deals
Transaction Overview
Elara Capital‟s Role
Sole Advisor to SAIF for
purchase of 7.74% equity stake
in Pennar Industries Ltd.
December 2011
Undisclosed
Case Study : Private Investment in Public Equity (PIPE) for a
leading Private Equity Fund
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Transaction Rationale
• The acquisition was in line with GCPL’s plan of becoming a leading emerging markets multinational and dovetails well with their global
3 by 3 strategy - presence in three continents - Asia, Africa and Latin America, through three core categories - home care, personal
wash and hair care
• This acquisition provides a self-sustaining platform for GCPL’s portfolio of products – Hair care and Household insecticides
throughout Latin America
• Argentina and Brazil are leading vanguards of hair trends and innovations in hair care. The Issue Group enjoys market leadership in
many countries in South America including a presence in Brazil
• The offerings of the Company and Godrej’s own innovation funnel should enable a sizeable business in hair colour in Brazil. Knowledge
and exposure to these markets will also help strengthen Godrej’s technology and product development funnel in India
Godrej Consumer Products (GCPL) completed its sixth global acquisition of 2010, and the first
in Latin America, to emerge as the hair colour leader in 19 countries across the world
The transaction was valued at approx. 8x EBITDA
The hair colorants market in Argentina is estimated to be around US$ 200 Million growing at a
CAGR of more than 22% over the last two years
Elara Capital acted as the financial advisor to Godrej Consumer Products Ltd (GCPL) for its
acquisition of Issue Group
This was the first-ever acquisition in the Personal & Hair Care segment by an Indian FMCG
Company in the South American Continent
Overview
Transaction Highlights
Acquisition of Argentine
“Issue Group”
May 2010
Undisclosed
Sole Adviser
Case Study : M&A Advisory for acquisition of Latin American
consumer firm by an Indian Conglomerate
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Transaction Rationale
• The first tranche of the FCCB issue worth US$ 50 Million in November 2009 had received a similar positive response from investors
• Prakash Industries was pleased with the previous positive investor response and followed on with this second and even more
successful issue in April 2010
• Proceeds from the issue were used to part finance an addition of 675MW capacity (total at 775MW) to the captive power generation
of the company. Of this, 625MW capacity will be based on thermal power generation for which it has already received the necessary
coal mine allotment
Green Shoe Option Exercised on Over Subscription
• The issue had a green shoe option of a further US$10 Million, pursuant to the over-allotment option, which was retained. The bonds
received exceptionally good response from the investor base in Europe and US with a commitment of almost twice the issue size
Prakash Industries Ltd (PKI), a fully integrated steel manufacturer with captive iron ore, coal and
power linkages, received an overwhelming response to its US$ 50 Million Foreign Currency
Convertible Bond (FCCB) issue from a large number of overseas institutional investors who
committed more than US$ 100 Million
The green shoe option of US$10 million was exercised, taking the total issue to US$ 60 Million
Elara Capital Plc, London was the Sole Lead Manager and Book runner for the issue. The bonds
are listed on the Singapore Stock Exchange and are due for conversion in April 2015
Besides Elara’s strong product knowledge and close ties with institutional investors, the renewed
investor interest in mid-size companies helped greatly in closing the issue at US$ 60 Million
Overview
Transaction Highlights
FCCB Issue
April 2010
US$ 60 Million
Lead Manager
Case Study : FCCB Issue on SGX for an Indian Steel
Manufacturer
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Transaction Rationale
• Marked the entry of TV18 Group in the Indian Film Production space
• The transaction demonstrated investor confidence in the TV18 Group in the film production business
Diverse Investor Base
• As a Joint Broker on the Transaction, Elara Capital took a lead position in marketing the transaction in the European Investor
community
• The issue was subscribed by marquee investors like HSBC Asset Management, DE Shaw, GLG Partners, Greylock Capital, Deutsche
Bank, JP Morgan and Citadel Equity Fund among others
• The issue was completed with subscriptions from close to 25 institutional investors
Secured 2.0x times subscription of Allocated Book
• Elara garnered commitments of 2.0x times of the book open to investors (82% of the post issue capital), and thus secured over 90% of
the total investor subscriptions for the issue
In June 2007 The Indian Film Company (“TIFC”) announced its admission and listing in the
Alternative Investment Market, London ( “AIM”)
The issue size was US$ 110 mn (£55.0 mn)
Over 18.0% of the post issue capital of TIFC was held by Network 18 (the Promoters) and the
rest by a diverse set of Institutional Investors
It was a landmark transaction with the first ever business focussed on the Indian film production
to list on AIM
The transaction was also one of its kind as it was the first company to have a fund structure for
an Indian film industry business
Elara Capital was the Joint broker on the transaction
Overview
Transaction Highlights
AIM Listing
June 2007
US$ 110 Million
Joint Broker
Case Study : LSE - AIM Listing for a Film Fund Promoted
by India‟s leading Media Group
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Transaction Rationale
• Tapped the growing demand forVietnamese equity by global investors
• The GDR programme provided an additional investment and trading venue to HAGL investors
• The transaction demonstrated investor confidence in Frontier Market investing, a game changer, marking the first of many to come
Transaction Process
• Hoang Anh Gia Lai issued 19 Million shares to the foreign partner at a total expected value of US$ 60 Million
• Global Depository Receipts (GDRs) of Hoang Anh Gia Lai were created and listed for trading on the London Stock Exchange
Investor Base
• The issue received an overwhelming response from investors, majority being only emerging market and frontier market funds, eagerly
lapping up the explosive growth potential in the Vietnamese economy. The instrument provided an effective route to participate in one
of the fastest growing frontier markets in the world without having to access the domestic equity market or take a direct exposure to
theVietnamese Dong
Hoang Anh Gia Lai Joint Stock Company (HAGL) listed Global Depositary Receipts on the LSE
The issue size was US$ 60 Million
HAGL is currently one of the largest private sector companies, by market capitalization, listed
on the HoChiMinh stock exchange
It operates in Real Estate, Rubber Plantations, Iron Ore Mining, Hydropower and Manufacturing
Originally focussed in the Gia Lai province, HAGL has expanded its activities throughout
Vietnam and into the neighbouring states of Laos and Cambodia. HAGL exports its products
throughout Asia, Europe and the Americas
Elara Capital was the lead manager and global coordinator for the issue. This was the first ever
overseas listing by aVietnamese company; the LSE hosted a special ceremony in celebration
Overview
Transaction Highlights
GDR Issue
November 2010
US$ 60 Million
Sole Lead Manager & Book Runner
Case Study : LSE Main Market GDR Issue for a diversified
Vietnamese Company
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Transaction Rationale
• The combination with ThermaSys was the logical next step in the growth trajectory for Covrad and Serck Heat Transfer, the
infrastructure of the larger ThermaSys platform enables Covrad to build real scale and leverage attractive cross-selling opportunities
• The acquisition presents ThermaSys with an opportunity to expand its global footprint into under-served markets
Post Merger Integration
• Covrad CEO Kayvan Namazi, remained at ThermaSys as Managing Director, following his role in growing Covrad and Serck Heat
Transfer into first-class businesses
• Partnership between Mr. Namazi and ThermaSys’ experienced management team would further build the company’s market position
• Covrad (and Serck Heat Transfer) were fully integrated into the ThermaSys platform in order to provide sales synergies between the
businesses and to leverage reciprocal product suites within new and existing end-markets and geographies
Covrad (producer of radiators, charged air coolers, and oil coolers for original-equipment
manufacturer and aftermarket customers in the power generation, rail, marine, and
transportation sectors worldwide) was acquired by ThermaSys (supplier of copper-brass and
aluminium heat exchanger components and assemblies)
ThermaSys is a portfolio company of US based Private Equity firm Sun Capital Partners Inc
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts,
equity, debt, and other investments in private companies
Sun Capital affiliates have invested in more than 250 companies worldwide with combined sales
in excess of US$ 40 Billion since Sun Capital’s inception in 1995
Elara Capital was sole advisor to the sell-side (Covrad)
Overview
Transaction Highlights
100% Stake Sale of
British “Covrad”
December 2010
Undisclosed
Sole Adviser
Case Study : Sale of British Manufacturing Company to US
based PE Fund
21
Team Elara
Avinash Persaud – Non Executive Chairman
Avinash is the Chairman & has been a director on the board of Elara Capital since 2004. He is the Chairman of Intelligence Capital
and in addition he is also the Investment Director of Global Asset Management (GAM). Prior to founding Intelligence Capital and
the GAM Persaud Investment Funds, he was Head of Global Research at State Street Corporation, the world's largest manager of
institutional money. Previously, he was Global Head of Currency and Commodity Research at JP Morgan. He holds the Mercer
Memorial Chair in Commerce at Gresham College, is a Governor of the London School of Economics and a Trustee, a member of
the Board of the Global Association of Risk Professionals and the Chair of the CBC Working Group on investment flows. He is the
winner of the Institute of International Finance's Jacques de Larosiere Award in Global Finance and an Amex Bank Award as well as
a prolific author. Mr. Persaud holds a BSc in Monetary Economics from the LSE.
Saurabh Srivastava – Independent DirectorSaurabh Srivastava is one of India's leading IT entrepreneurs, angel investors and venture capitalists. He has worked extensively in theUS, UK, India and Singapore and has held senior executive positions with leading international companies such as IBM and Unisysbefore becoming an entrepreneur and then a VC. He is one of India's most respected IT industry leaders and is recognized as one ofthe architects of the Indian software industry. He cofounded, chaired and is now Chairman Emeritus of NASSCOM. He was Chairmanof the Indian government's Electronics and Computer Software Export Promotion Council for 4 years. He has chaired the ITCommittee of FICCI and has been on the National Committee of the Confederation of Indian Industries
Mark Runacres – Independent Director
Mark holds a range of positions in diverse companies in addition to Elara: a Non Executive Director of MindTree Consulting, G4S
Security Management Services ( India ) Ltd and Invicta Renewables Pvt Ltd. He is an executive director at D1 Oils India Pvt Ltd, Spring
Sport and Sustainability and VERpool Ltd. His other appointments include as a Senior Visiting Fellow at The Energy and Resources
Institute (TERI), New Delhi and as a Board Member of the Business and the Community Foundation, a leading Corporate Social
Responsibility agency in Delhi. During his twenty five year career as a British diplomat Mark spent over a decade working on Indian
affairs, with eight of those years resident in Delhi , most recently as Minister and Deputy British High Commissioner until June 2006.
Mark had served previously in the British Mission to the United Nations in New York and the British Embassy in Paris.
Lord Meghnad Desai– Independent Director
Lord Meghnad Desai is a Non-Executive, Independent Professional Director at Elara. In addition to being the Emeritus Professor of
Economics at the London School of Economics and Political Science, he was awarded the Pravasi Bharatiya Puraskar in 2004 and
the Padma Bhushan in 2008. He is the former chairman and active member of the British Labour Party. Lord Desai holds over 25
books and 200 articles in learned journals to his name and is also an Honorary Fellow of the London Stock Exchange. He holds a
Masters Degree from University of Mumbai and is a PHD from University of Pennsylvania.
22
Team Elara
Ajay Pandey – COO & Head ECM
Ajay has more than 11 years experience in financial services industry. Prior to joining Elara he worked with Merrill Lynch
International and the Kotak Mahindra Group. He has been actively managing discretionary and non-discretionary private
client portfolios in emerging markets. He has a Management postgraduate degree from Faculty of Management Studies,
Vadodara and is a registered securities and derivative representative with Financial Services Authority.
Raj Bhatt – Vice-Chairman & CEO
Raj is the Founder and Vice Chairman of the group. He has 21 years of senior management experience working in complex
and multi-cultural organizations in seven different locations spread across three continents. He has an outstanding track
record in financial re-engineering, including restructuring, mergers and acquisitions and also in raising equity and debt in
international markets. He is a member of the Institute of Chartered Accountants of India and also a member of the
Institute of Company Secretaries of India. He is also a corporate finance representative registered with the FSA.
Abhishek A. Bhagat –Managing Director, Head - Investment Banking
Abhishek heads Investment Banking at Elara Capital. Prior to Elara, Abhishek was Head – Transaction Origination for New
Age Sectors in YES BANK covering Technology, Telecom, Pharmaceuticals, Education & Healthcare. He was a member of
the Leadership Team there since its inception, and led various initiatives as core member of Corporate Development &
Strategy team. Abhishek was recipient of YES GOLDEN PIN, CEO’s Award for his continued exemplary work. Earlier, he
has worked in multi-disciplinary roles in various geographies across the globe as part of Mphasis & Hewlett Packard (HP),
also leading a challenging part of merger integration exercise post HP’s acquisition of Compaq, based out of California, US.
Abhishek completed his B.Com (Hons) from St. Xavier’s College, Calcutta and is a Post Graduate in Business Management
from IIM Kozhikode.
23
Team Elara
Rakesh Puri –Managing Director, Global Head of Operations & Compliance
Rakesh has over 18 years of post qualification progressive experience in listed and multinational corporate in securities
market, finance, compliance and legal, corporate secretarial, takeovers and managing IPOs and Institutional placements.
Prior to joining Elara he worked with CLSA Group as Head of Compliance and Corporate Counsel. He holds a post
graduate degree in Law (Professional), is a fellow member of The Institute of Company Secretaries of India and also
qualified CPA from USA. He also holds NSE’s Certification in Financial Markets in Equity, F&O, Compliance, Depository
and Corporate Governance modules.
Joseph K. Mammen – Global Head of Sales and Trading
Joseph is the Head of Sales & Trading at Elara. He coordinates the Sales & Trading activities at the London, New York,
Singapore and Mumbai offices. He is responsible for execution of IPO, QIP, GDR and Convertible Bond new issues as well
as day to day trading activities. Joseph has over 8 years experience in investment banking and has previously worked with
Aberdeen Asset Management and GE Capital. Joseph holds a first degree in Economics from Madras Christian College and
a Masters degree from Manchester Business School, U.K. He's been with Elara since 2005.
Harendra Kumar –Managing Director, Head - Institutional Equities
With over 14-years of experience in the profession and having built several highly successful and profitable sell side
businesses (up to 150 people teams), primarily in Institutional & Retail equities, sales, trading, research and distribution,
Harendra Kumar spearheads Elara Securities’ institutional equities business in India as well as its cutting edge global
research. Prior to joining Elara Securities, he worked with ICICI Securities and Centrum Broking. He is a Commerce
Graduate and holds a post graduate degree in law.
24
Team Elara
T.N. Shankar – Executive Director
Shankar has twenty two years of experience, of which the last ten has been as head of manufacturing businesses in India
and in South Africa. Key career achievements are, concluding a Joint venture with an Austrian company; setting up a green
field project in India; managing acquisition of an Engineering company in South Africa. Prior work also include management
consultancy for a premier consulting company and corporate planning for a large conglomerate in India. Shankar is a
Mechanical Engineer from IIT, Chennai and an MBA from IIM Bangalore.
David Somekh – President, USA
David heads our US operations. He has previously worked in Elara's London office where he focused on the development
of the capital markets division. His broad experience has given him exposure to a range of areas including sales/trading,
proprietary futures trading, speculative energy trading and management accounting. He has a Theoretical Physics degree
from University College London.
Vinod Tailor –Managing Director, UK
Vinod has over 30 years of experience in financial sector ranging from retail, international and corporate investment and
private banking. He joined Elara in April 2009 and he works as a Director of Global Business Development division. He is a
fellow of the Chartered Institute of Bankers and a fellow of the Chartered Institute for Securities and Investment.
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This document is not intended to form, and should not be treated as, the basis of any investment decision. The information in this
document does not purport to be comprehensive. No representation or warranty, express or implied, is or will be made and no
responsibility or liability is or will be accepted by, any member of Elara Capital, or by any of their respective officers, servants or agents
or by their advisers or any other person as to or in relation to the accuracy or completeness of the information or the information or
opinions contained herein or supplied herewith or any other written or oral information made available to any interested party or its
advisers.
Disclaimer
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Private and Confidential
Elara Capital PLC
29, Marylebone Road,
London NW1 5JX,
United Kingdom.
Tel: +44 207 486 9733
Fax: +44 207 486 4776
Elara Capital (India) Pvt. Ltd.
East Wing, 6th Floor, Kalpataru Synergy,
Opp. Grant Hyatt, Santacruz (E),
Mumbai - 400 055, India
Tel: +91-22-42526100
Fax: +91-22-42526170
Elara Capital (Singapore) Pte. Ltd.
30 Raffles Place,
#20-03, Chevron House
Singapore 048622
Tel : +65 65366267
Fax : +65 65365760
Elara Capital Inc.
477 Madison Avenue,
Suite 220, 2nd Floor
New York, NY 10022
Tel : +12124305870
Fax : +646 8847111
