The securities arm of the country’s top private lender ICICI Bank has seen a change of guard with Anup Bagchi taking over as the chief of ICICI Securities from Madhabi Puri Buch who has moved on to the parent firm before heading for a personal sabbatical. Bagchi takes over the reins from May 1.
Buch is expected to join her husband Dhaval Buch who is posted with FMCG giant Unilever overseas and is part of Unilever Asia chief Harish Manwani’s team that is leading the company’ businesses for Asia and Africa.
Both Buch and Bagchi were executive directors at ICICI Securities with Bagchi being in-charge of the retail broking business, distribution of retail financial products and wealth management services.
In another development, former Goldman Sachs’ hotshot Sameer Sain, who was roped in by retail king Kishore Biyani for his ambitious financial services venture Future Capital, has ceased to be a co-promoter of the firm. Although Sain continues to own a small stake of 7.59%, his exit as a co-promoter was just a formality as he had moved away from the operations of the firm after a business split where the investment management activities of Future Capital was split out with Sain at the helm.
Sain held the positions of the vice chairman, managing director and co-promoter of Future Capital before he resigned as the managing director in February 5, 2010. Subsequently, he resigned from the board of the firm last August and with effect from February 11 ceases to be a co-promoter.
With a large minority stake, he will be classified under the public shareholders of the firm. Pursuant to this, the promoter holding in Future Capital has come down to 61.06%.
In an amicable split last year, Future Capital was carved into two with private equity business spun off as Everstone Capital and all non-investing businesses such as insurance, retail financial services and wholesale credit being grouped under the listed firm that also houses Future Ventures India, a venture capital business floated by Pantaloon Retail to invest in businesses where Future Group has strategic interests.
As a part of the restructuring, businesses such as Indivision India Partners, Kshitij Venture Capital Fund, Horizon Realty LLC, Indus Hotel Ventures and Indospace Logistics Partners moved to Everstone. Along with Sameer Sain, Atul Kapur, CIO & Founding Partner, also remains a large shareholder in Everstone Capital, the Mauritius registered general partnership that owns the PE funds.
Last July, Everstone Capital had made a first close of its second private equity fund, Indivision India Partners II, at $250 million, a little less than half of its targeted $550 million growth capital fund. It was raising funds from overseas LPs. Indivision India Partners I, the first fund worth $425-million, was raised in 2006.