Puravankara Limited has informed the Exchange regarding Resignation of Mr Abhishek Kapoor as Group Chief Executive Officer of the company w.e.f. May 09, 2025.
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Puravankara Limited announced three developments on May 9, 2025. Mr. Abhishek Kapoor resigned as Executive Director and Group CEO, citing personal reasons after over five years with the company; his exit takes effect from the close of business hours on May 9, 2025. In a related move, Mr. Mallanna Sasalu, currently leading Provident Housing Ltd (a material subsidiary), has been appointed as CEO-South, subject to approval by the Nomination and Remuneration Committee and the Board. Separately, Puravankara entered a joint venture to develop a 24.59-acre land parcel in North Bengaluru with an estimated Gross Development Value (GDV) of over INR 3,300 crores, offering around 3.48 million sq ft of saleable area and expected to launch within six months. Mr. Mallanna brings 32 years of real estate experience spanning India and Canada, including a Harvard Business School background.
The sudden CEO exit at the group level may raise short-term uncertainty for shareholders, but the company has moved quickly to fill the South India leadership role internally with an experienced candidate. The parallel announcement of a large INR 3,300+ crore Bengaluru JV signals that expansion plans remain on track, which could help cushion any negative sentiment around the leadership change.