Puravankara Limited has informed the Exchange regarding Appointment of Mr Mallanna Sasalu as CEO-South(SMP) of the company w.e.f. May 09, 2025.
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Puravankara Limited's Board, at its meeting on May 16, 2025, approved two key items. First, the company plans to raise up to INR 300 crore by issuing 3,000 secured, redeemable, unlisted, unrated non-convertible debentures (NCDs) of INR 10 lakh each via private placement, with a 60-month (5-year) tenure and deemed allotment date of June 20, 2025. Second, the Board appointed Mr. Mallanna Sasalu as CEO-South (designated as Senior Managerial Personnel) effective May 09, 2025. Mr. Mallanna brings over 32 years of real estate experience and was previously leading Provident Housing Ltd., a material subsidiary of Puravankara. He holds a Civil Engineering degree and is a Harvard Business School alumnus, and is not related to any Director on the Board.
The INR 300 crore NCD issuance will strengthen Puravankara's funding base for its real estate operations without diluting equity, though it adds to debt obligations over 5 years. The appointment of an experienced internal leader (from its own subsidiary) as CEO-South signals continued focus on the South India market and leadership continuity for shareholders.