Lehman Brothers to trade in Indian Government Securities Market

Lehman Brothers Securities has obtained permission from the Foreign Investment Promotion Board (FIPB) to set up a holding company to undertake besides the activities of merchant banking, underwriting and other financial services activities, to undertake the activities of Primary Dealer in the Government Securities Market.

Singapore based Lehman Brothers and Mauritius based LB India Holdings Cayman II Ltd jointly will invest Rs 225 crore in Lehman Brothers Securities Private Ltd

Lehman Brothers on 23rd January 2007, also announced appointment of former Citigroup banker Surojit Shome as head of investment banking for India, where the value of mergers and acquisitions targeting Indian companies rose to $28.7bn last year, up from $20bn in 2005, according to figures from Dealogic. ABN Amro led the field among deal advisers, ahead of second placed Rothschild and JP Morgan in third.

Lehman Brothers now has to obtain RBIís approval before it starts trading in government securities.

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