Puravankara Limited has informed the Exchange about change in Management i.e., Appointment of Mr. Mallanna Sasalu as the CEO-South(SMP)
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Puravankara Limited's board, at its May 16, 2025 meeting, approved two key decisions. First, the company plans to raise up to ₹300 crore by issuing 3,000 secured, redeemable, unlisted, unrated, non-convertible debentures (NCDs) of ₹10 lakh each via private placement, with a 60-month tenure and deemed allotment date of June 20, 2025. Second, Mr. Mallanna Sasalu was appointed as CEO-South, designated as Senior Managerial Personnel (SMP), effective May 9, 2025. Mr. Mallanna brings over 32 years of real estate experience and is currently leading Provident Housing Ltd, a material subsidiary of Puravankara. He is a Civil Engineering graduate and a Harvard Business School alumnus, and is not related to any director on the board.
The ₹300 crore NCD raise will add to the company's debt but is non-dilutive for shareholders and supports business growth or refinancing needs. The appointment of an experienced insider from its subsidiary signals continuity and strengthens regional leadership for the South market, generally viewed as a positive governance step.