Stock Report

Spandana Sphoorty announces Shalabh Saxena as the MD and CEO

Posted On : 2021-11-23 11:36:41( TIMEZONE : IST )

Spandana Sphoorty Financial Limited's (NSE: SPANDANA; BSE: 542759, the "Company") Board of Directors met on Nov 22, 2021, and discussed several critical matters related to the leadership transition and business operations.

Key Leadership Updates:

Spandana has announced that Mr. Shalabh Saxena has accepted the position of Managing Director and Chief Executive Officer of the company. Mr. Saxena is currently serving as the MD & CEO of Bharat Financial Inclusion Ltd., one of the leading microfinance institutions in the country. He brings over 27 years of experience with various financial institutions, including Canara HSBC OBC Life Insurance and Standard Chartered Bank.

Also, Mr. Ashish Damani has accepted the position of President and Chief Financial Officer of the Company. Mr. Damani has nearly two decades of experience at Bharat Financial Inclusion Ltd. and is currently serving as its Chief Financial Officer. Both Mr. Saxena and Mr. Damani will join Spandana soon.

"With his immense experience in financial services and strong command of the microfinance industry, Shalabh is the right person to lead Spandana," said Mr. K R Kamath, former Chairman & Managing Director of Punjab National Bank, and Chairman of the Management Committee of the Board of Spandana. He further added, "Spandana is on a positive growth trajectory, and we are very confident our market leadership will gain further traction under Shalabh's direction."

Furthermore, the Board appointed Ms. Abanti Mitra, an independent director with Spandana since 2011, as non-executive Chairperson of the Board, with immediate effect. Outgoing Chairman, Mr. Deepak Vaidya, will continue to serve on the Board as an independent director.

Mr. Vaidya said that "After several years of service as Chairman of the Board, I am delighted to hand over the role to Abanti. Her long association with the company and almost two decades of experience with the microfinance industry make her the ideal person to guide Spandana in its next phase of growth. I will continue to support the company as an independent director on the Board."

Shares of Spandana Sphoorty Financial Limited was last trading in BSE at Rs. 441.50 as compared to the previous close of Rs. 465.35. The total number of shares traded during the day was 7162 in over 717 trades.

The stock hit an intraday high of Rs. 467.45 and intraday low of 436.00. The net turnover during the day was Rs. 3178400.00.