Avendus to acquire Spark Capital's institutional equities business

Mumbai-based Avendus Capital Pvt. Ltd. agreed to acquire Spark Capital's institutional equities business, subject to regulatory approvals.

With the deal, the investment banking arm of the Avendus Group said it intends to expand its offerings to include institutional equities and capital markets.

Spark's institutional equities business caters to over 400 institutional clients over the last 15 years. Its 80-member team, led by Ganeshram Jayaraman, will continue to run the business, according to a Jan. 31 release.

The financial terms of the transaction were not disclosed.