Puravankara Limited has informed the Exchange regarding Change in Director(s) of the company.
PURVA · price
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Awaiting price reaction for this filing.
Puravankara Limited announced three significant updates. First, the company has entered a joint venture to develop a 24.59-acre land parcel in North Bengaluru with an estimated Gross Development Value (GDV) exceeding INR 3,300 crores and a saleable area of around 3.48 million sq ft, with launch expected in the next six months. Second, Mr. Mallanna Sasalu has been appointed as CEO-South effective May 09, 2025; he brings over 32 years of real estate experience and currently leads Provident Housing Ltd, a material subsidiary of Puravankara. Third, Mr. Abhishek Kapoor, Executive Director and Group CEO, resigned effective close of business on May 09, 2025, citing personal reasons after more than five years with the company.
The Group CEO's sudden resignation may raise short-term governance concerns among investors, but the company's strong project pipeline and a clear internal succession plan through Mr. Mallanna should provide some stability. The new Bengaluru JV worth over INR 3,300 crores in GDV strengthens the company's growth outlook, though leadership transition risk warrants close monitoring.