The Hindu Business Line : UK co Elara Capital sets up arm in India

Mumbai May 25 Elara Capital Plc, a UK-based investment bank, has set up a subsidiary company - Elara Capital (India) Pvt Ltd which will focus on advising Indian corporates on mergers and acquisitions, fund raising options and finding Indian partners for overseas corporates.

Elara Capital (India) Pvt Ltd will operate as a SEBI registered Category 1 Merchant Banker and will start its full-fledged merchant banking operations including fund raising through public offerings in the local market. The company is also planning to start a separate broking and research business in India.

Elara Capital has raised more than $700 million through FCCBs for Indian companies. The company raises overseas funds for mid- and small-cap companies in India.

"Many foreign companies who have so far not taken any active interest in India are feeling compelled to incorporate India into their growth strategy and are making plans to enter the country," said Mr Raj Bhatt, CEO.

Currently, Elara Capital Plc is actively involved in a couple of AIM listings for Indian companies.

Elara Capital currently has six members in the investment banking team. Mr Mark Runacres, a career diplomat, has joined the board of the India business.