"Leading Boutique Investment Banking Firm"

Our Experience


Panini Advisors LLP is led by an experienced investment banker Ketan J Shah(KS). KS is an MBA from Indian Institute of Management, Ahmedabad, and his versatile experience comprises senior positions across seven platforms in circa 25 years - SBI Capital Markets Ltd. (Mumbai& Ahmedabad), Torrent Group (a private group with interests in the power and pharma sectors), Ernst & Young Pvt. Ltd., ICICI Securities Ltd., Barclays Capital Ltd., Edelweiss Financial Services Ltd. & Daiwa Capital Markets India Pvt. Ltd.

He last held the position of Head - Investment Banking at Daiwa, a Japanese investment banking house.

While his focus has primarily been on Equity Financing, Infrastructure Financing and M&A, KS has deals (both successful and abortive) to his credit (including the sale of Union Carbide for INR 2930m - India's largest M&A deal in the 1990s), across the following diverse range of products:

Fund raising through Private Equity, IPOs & Listings, FPOs, QIPs and Convertible Bonds; minority equity induction from global strategic investors, raising of a Private Equity fund.


Sell Side Divestitures, Buy Side Acquisitions, Open Offers, M&A transactions in India and abroad, Privatizations by state government and central government undertakings, Buy Side Bid Advisory and Financing for PPPs/public private partnerships, viability gap funding structures, commercial implications of statutory regulations, capex efficiency and financing evaluations, etc. He also has operational exposure to the industry on the finance and commercial side that spans routine finance and commercial issues, making submissions to the State Electricity Regulatory Commissions, commercial planning at power utilities, land acquisitions, etc.


Mezzanine Finance, Rupee Term Loans, External Commercial Borrowings, (ECBs), non-recourse Project Finance for infrastructure projects (from Indian public sector banks), Syndicated Foreign Currency Term Loans (from global banks), Sponsor Funding, LBOs, Acquisition Financing,issuance of listed/unlisted non-convertible debentures, global bond issuances in institutional or retail markets; debt restructuring of stressed assets.

KS has in-depth experience across the financial sectors, infrastructure (power, roads, airports) & realty sectors- in particular, power and clean energy; insights into pharma and healthcare, media and entertainment, FMCG/other consumer sectors, resources (metals & mining, commodities), chemicals, edible oil, equipment manufacturing, auto ancillaries, fertilizers and other old economy sectors, as well as exposure to upcoming e-commerce sectors.

KS has worked with a wide range of organizations - public sector undertakings, professionally run private institutions, promoter driven corporate groups, the big four global audit firms, multinational global banks, securities houses and MNC corporates from the West as well as the East, as well as companies, lenders, regulators, debt investors and equity investors of different hues in India, Singapore, Hong Kong, Korea, China, Japan, Middle East, UK, Europe & the US.

Select testimonials have been shared. Details of specific transactions related to each of the above products and industries can be obtained during personal interactions.

"If the diagnosis is wrong, the prescription will never be right."

About Our Services


Fund Raising

Primarily equity, quasi-equity or stressed asset debt for unlisted companies.


M & A

Induction of minority strategic partners or divestment of minority or controlling equity stakes


Business Consulting / Development

Commercial diligence, PPP and other bespoke advisory or business development requirements.


Investor Relations

For listed corporates in the mid-markets


India Entry

Sector mapping / India entry strategies for companies / funds looking to enter / invest in India


Angel Investing

Investing in start ups

"Bespoke Client Centric Services"

About Panini

Stamp released by the Indian goverment in honour of the sage Panini.

Panini ( pronounced paa-ni-ni ) was an Indian sage circa 500 BC, who is known to have published the first known rules of grammar in his treatise "Ashtdhyayi". Centuries later, the 3900 odd rules he formulated continue to be the most comprehensive rules for sustainable and accurate language communication, duly reflected in the fact that even current coding software is known to rely upon them.


The Triskelion, is a Celtic symbol that holds two major components, motion (action, competition, man's progress) and triad attributes (mind, body, spirit). In Greek, the term triskelion literally means "three-legged", appropriately, this sign looks very much like three legs running. All the three legs, protrusions or angles are positioned in such a way that the symbol appears as if it is in constant forward motion. The exact symbolism has meant different things at different points in history, depending upon the era, the region, the culture and the mythology. The celtic symbol as our logo represents not just the progressive motion and layered attributes it stands for, but also reflects our desire to draw inspiration from around the globe to support our Indian perspectives


Sage Panini is an inspiration for our guiding philosophy that adhering to the fundamental financing principles is the key to sustainability of growth businesses in an era of global competition. He reminds us that getting your financial grammar right, if viewed as a discipline, can be instrumental in the seamless bridging of the increasingly globalized financing and operating worlds.


The shades of Amber have dual connotations. On the one hand, yellow and orange are the colours of the rising sun, denoting positive energy, and, the sunrise opportunities we see our clients as, on the business horizon; and on the other, amber is also the colour between red and green in a traffic signal. For our clients, as advisors, we play the role of a guiding light in terms of picking up speed or exercising caution, the advance signal for booming or declining markets.

"Together, the Triskelion symbol, the Panini name and the Amber colour depict our construct of a financial advisor/investment banker: Indian roots, focus on financing fundamentals that sustain over time, action, competition and progress at the global level and energy with caution."


Interview with Zee Business on Markets

21-May-15 Ketan Shaah interview on Zee Business channel - India macro, policy and reforms

NDTV Profit Ketan Shaah

India 2020 report interview

Contact Us

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  • | Block A,Level 1, Shiv Sagar Estate, Dr Annie Beasant Road, Worli,
    Mumbai-400018, INDIA.
  • | 91-22-61100783
  • | info.paniniadvisors.in
  • | www.paniniadvisors.in