Educational trip to study the financial markets in Mumbai from 20-22nd November 2014
Five students of MBA (III Semester) went to Mumbai to meet some private and public players in the financial markets. This also ties in with some of the finance courses that the students are covering in Semester III – Corporate Analysis and Valuations; Security Analysis and Portfolio Management, Management of Financial Institutions, Financial Markets and Services and Stock Trading Operations.
|To visit||Learning Outcome|
|1.||Corporate advisory firms
specialising in M&A
|3.||BSE / NSE||
The following persons travelled on this trip:
O3 Capital Global Advisory Private Limited – Mr. Gaurav Khungar, Managing Director
O3 Capital is a global investment banking firm that provides independent advice on mergers and acquisitions, capital raising and asset management services to corporations. Mr. Khungar spent close to an hour and half explaining Private Equity (PE) and Investment banking. He went into detail regarding the types of corporate advisory firms in India, and what it takes to work in these firms in India. He took us through the process of how exactly PE works and more importantly the EXIT options for Private Equity companies. It was clear to us that this business requires perseverance, diligence, analytical and technical skills.
Ms. Shefali Mehndroo, Independent M&A Advisor
Shefali has worked in the M&A industry for almost 20 years. An IIM-A graduate, she recently quit INVESTEC India Capital Services Pvt Ltd, to set up her own M&A practice. She has worked as a Director with Motilal Oswal Investment Advisors Pvt Ltd, Rabo India Finance Pvt LTD and KPMG Corporate Finance spanning almost two decades. Shefali discussed the cycle of Merger and Acquisitions, focussing on each element of deal cycle. She also explained the preference of acquisition over mergers. She described the uncertainties involved in completing a deal and the effort and hard work required to complete a transaction. She advised the students to consider M&A as a career option, only if they have patience, passion and drive for hard work.
SEBI – Ms Divya Veda
In SEBI we met with Ms Divya Veda and Mr Anupam Kumar. They explained the SEBI takeover code (Substantial Acquisition of Shares and Takeover code) in detail. It covered how and when the initial open offer to the public gets triggered, and subsequent triggers, creeping acquisition, indirect acquisition, exemptions available and pricing of the open offer. It was a very interactive session where the code and its nuances were discussed in detail.
ICICI Securities – Mr Anurag Byas, Sr Associate
ICICI Securities Ltd is an integrated securities firm offering a wide range of services including investment banking, institutional broking, retail broking, private wealth management, and financial product distribution (full service firm). In ICICI securities we met with Mr. Anurag Byas, who talked about various functions of ICICI securities, explaining each financial concept on the way. He specially focussed on the merchant banking activities of ICICI Securities, with special emphasis on financial life cycle of a firm.
Bombay Stock Exchange – Mr Roy Aranha
Mr Roy Aranha of BSE introduced us to the different type of courses which BSE is offering for Graduate and Post-Graduate Programs. We also interacted with some of the students of BSE’s Financial Market MBA program. Their students’ knowledge of the stock markets was impressive and student interaction was fun.
Reserve Bank of India
In RBI, our appointment was with Mr Shri R. S. Ratho, GM-in-Charge and Shri Ishan Shukla, GM, Financial Market Operations Department. Our meeting was led by Ms Harita and Mr Anand Prakash (Director) from the Financial Markets Operations Department. They briefly explained the structure of RBI and the functions of various departments. They then focussed on financial market operations and its 3 parts – Money Market, Forex Market, G-Sec Market. It was a good session as the students got to know the financial markets and monetary policy.
SBI Capital Markets Ltd – Mr Sunil Karulkar, Vice President & Head- M&A, PE Advisory
SBICAP is India’s largest domestic Investment Bank, offering the entire gamut of investment banking and corporate advisory services. These services encompass Project Advisory and Loan Syndication, Structured Debt Placement, Capital Markets, Mergers & Acquisitions, Private Equity and Stressed Assets Resolution. In SBI Capital we meet with Mr. Sunil Karulkar, Vice President & Head- M&A, PE Advisory. He spoke about Mergers and Acquisitions in India and cross border transactions. He explained an acquisition made by Kokuyo, a Japanese paper product manufacturer and its acquisition of Camlin and Ridhi Enterprises (note book manufacturer) in India. He explained the various steps involved in this acquisition, why did the acquisition make sense, how was the deal structured, and synergies involved with this acquisition.
This trip to the financial markets not only helped the students gain subject knowledge of various financial topics, but also provided insights into finer aspects of financial business in this country. It took them inside some of the largest and most powerful financial institutions of the country. This trip was well appreciated by all the students.
Accompanying Faculty: Ms. Urvashi Sarup