Mumbai, April 11 -- State Bank of India (SBI)'s investment banking and project advisory arm, SBI Capital Markets (SBI Caps), is in the midst of a restructuring exercise, leading to exits of at least three senior executives, said three people aware of the development.

They said that the changes are due to a lower-than-anticipated level of performance by the company, especially in the project advisory business. Among those exiting are Rajan Gupta, executive vice-president and group head of project advisory and structured finance group; Vedavyasa Rao K.R., senior vice-president and head (South); and Arun Kumar Jain, senior vice-president and head (East).

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