Morgan Stanley’s, India equity capital markets head Sumeet Puri has quit, three sources with direct knowledge of the matter said on Thursday, at a time when Indian capital market activity is strong.
Puri, who joined Morgan Stanley in late 2007 from Merrill Lynch’s India unit, was instrumental in Morgan Stanley’s strong showing in the India this year. It was not immediately clear where he was moving to.
Indian companies have sold new shares worth $17 billion so far this year, with the IPO and secondary offering pipeline busy as companies in Asia’s third-largest economy look for capital to expand.
Among others, Morgan Stanley was the IPO lead arranger for Adani Power’s $630 million offering, Indiabulls Power’s about $380 million issue and manager for secondary offerings from real estate firm Unitech and Indiabulls Real Estate.
Puri, who was a managing director at the bank, could not immediately be reached for comment. Morgan Stanley declined comment.