Puravankara Limited has informed the Exchange regarding Outcome of Board Meeting held on May 16, 2025 for issuance of NCDs and appointment of Mr. Mallanna Sasalu as Chief Executive Officer (CEO) South, designated as the Senior Managerial Personnel (SMP)
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Puravankara Limited's board, at its meeting on May 16, 2025, approved raising up to ₹300 crores by issuing 3,000 secured, redeemable, unlisted, unrated non-convertible debentures (NCDs) of ₹10 lakhs each through private placement, with a 5-year tenure from June 20, 2025. The board also approved the appointment of Mr. Mallanna Sasalu as Chief Executive Officer – South, designated as a Senior Managerial Personnel, effective May 9, 2025. Mr. Mallanna brings over 32 years of experience in real estate and was previously leading Provident Housing Ltd., a material subsidiary of Puravankara. He is a Civil Engineering graduate and an alumnus of Harvard Business School.
The ₹300 crore NCD raise will bolster Puravankara's funding base for its real estate operations and project pipeline, though it adds to the company's debt obligations. The appointment of an experienced internal leader to head the South business signals continued focus on regional growth and operational strengthening, which may be viewed positively by investors.