Reliance Money forays into investment banking

September 30th, 2008 - 5:13 pm ICT by IANS  

Mumbai, Sep 30 (IANS) Reliance Money, promoted by the Anil Dhirubhai Ambani Group, will venture into the investment banking sector and has also obtained a merchant banking licence from market regulator Securities and Exchange Board of India, said a top company official Tuesday.”The potential for investment banking in India is huge. Our main focus will be on large cap but we see a huge opportunity in serving the small and mid-sized segment, currently being under-serviced,” said Reliance Money CEO and director Sudip Bandyopadhyay.

By the end of this fiscal, the company is targeting at least 50 fund-raising deals. It plans to leverage this from the existing customer base of more than 2.5 million and network of over 10,000 outlets in more than 500 cities.

Reliance Money will initially concentrate on issue management activities such as initial public offerings, rights issue, follow-on public offerings, qualified institutional placements, open offers, buyback offers, delisting offers and preferential issue of listed equity.

“Our expansion into investment banking highlights Reliance Moneys’ broad-based approach in building an integrated, comprehensive global financial services platform in the country,” added Bandyopadhyay.

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