Ahmedabad-based Valmiki Leela Capital has received the Securities and Exchange Board of India’s (SEBI) prestigious Category I Merchant Banking licence, marking a major transition for the firm from a boutique corporate advisory practice to a fully authorised merchant banker equipped to execute public market transactions end-to-end.
Operating across Ahmedabad and Mumbai, the company currently manages mandates worth over ₹1,500 crore, spanning high-growth sectors such as renewable energy, transformers, data centres, defence, power & energy, and EPC infrastructure. The licence significantly elevates its ability to service this expanding portfolio.
With the approval, Valmiki Leela can now undertake the full lifecycle of capital-market operations, including regulatory advisory, due diligence, issue management, transaction structuring, investor outreach, and research-driven market communication — a capability set that positions it strongly in India’s accelerating fundraising ecosystem.
The firm is led by CA Pankaj Agrawal and CA Sandeep Gupta, who together bring more than three decades of cross-sectoral financial and market experience. Their focus now turns to scaling Valmiki Leela into a mainstream player with deeper participation in India’s rapidly evolving equity capital markets, particularly in sectors witnessing fast-paced expansion such as renewable energy.
Commenting on the development, Sandeep Gupta, Director at Valmiki Leela Capital, said:
“The SEBI Category I licence is a significant milestone for us. It reinforces our responsibility to deliver transparent, compliant, and high-quality market solutions. With a team that blends deep domain experience with fresh analytical talent, we aim to play a meaningful role in India’s capital market ecosystem.”
Positioning itself as a differentiated merchant banker, the firm intends to adopt a strategy-first approach to fundraising — combining sectoral insights, robust valuation frameworks, targeted investor engagement, and granular research support. Its objective is to guide companies through their listing journey while maximising long-term enterprise value.
Valmiki Leela Capital emphasises a platform built on governance, transparency, and consistent delivery, aiming to empower both emerging and established enterprises to confidently tap India’s buoyant capital markets — especially in growth-heavy domains like renewable energy.
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