MUMBAI, June 22 -- Avendus has elevated Karan Sharma to managing director and head of investment banking, effective immediately, marking a key leadership transition at the firm following Japan's Mizuho Financial Group's acquisition of a controlling stake last year.

Sharma succeeds Gaurav Deepak, co-founder and chief executive of Avendus Group, who has overseen the investment banking franchise alongside the broader firm for several years. The move will provide dedicated leadership for the investment banking business while allowing Deepak to focus on Avendus' wider strategic priorities, the company said in a statement on Monday.

The appointment comes about six months after Mizuho acquired a majority stake in the home-grown investment bank...