The Board of directors of Sobha Ltd at its meeting held today, i.e. Monday, March 14, 2022 has approved the changes in management.
The board has accepted resignation of Mr. Jagdish Chandra Sharma as Director and Vice Chairman and-Managing Director and Key Managerial Personnel (KMP) of the Company with effect from 1st April, 2022 and the last working day of Mr. Jagadish Chandra Sharma in the above said position will be 31st March, 2022.
The board approved the appointment of Mr. Jagadish Nangineni as an Additional Director in the capacity of Whole-time Director designated as Managing Director and Key Managerial Personnel of the Company for a term of five years, with effect from 1st April, 2022 subject to the approval of the Shareholders of the Company.
Mr. Jagadish Nangineni has about twenty years of experience in the fields of real estate, consulting and technology. He is associated with SOBHA since 2009 in senior strategic & operational roles with deep understanding of the Company's culture, people and processes. He was recently Deputy Managing Director, overseeing the operations of Ahmedabad, Chennai, Gurgaon and Pune regions. He established the business ground up at Gurgaon, one of the key markets for the Company. In the past year, he is actively involved in all facets of the Company's business across India.
Prior to Sobha, he worked with technology and management consulting firms. He holds a B.Tech in Civil Engineering from IIT Bombay and PGDM from IIM Calcutta.
The board also approved the appointment of Mr. Raman Mangalorkar, as an Additional Director in the capacity of Non-Executive Independent Director of the Company for a term of five years, with effect from 1st April, 2022 subject to the approval of the Shareholders of the Company.
Mr. Raman Mangalorkar has close to thirty years of industry, consulting, and private equity experience and worked across the globe on a wide range of strategic, operational and organization issues. He is an entrepreneur and currently running a health-tech startup in the life extension and age reversal space. His areas of expertise includes formulating business strategies, transforming supply chains, and managing large scale program implementations especially in the Retail and Consumer industries. He has worked as Chief Executive Officer (CEO) of Jubilant Agri and Consumer Products Limited and as the Managing Director of Highstreet Capital in the Private Equity space. He worked with A.T. Kearney as the Head of the Consumer and Retail Practice for Asia Pacific on a variety of projects around the world including in the USA, UK, Switzerland, Japan, Korea and South America. Before this, he was handling the Corporate Finance and Treasury functions with Federal Mogul in Detroit.
Mr. Raman Mangalorkar completed his Masters in business administration from Indiana University (Kelley School of Business) with specializations in Finance and MIS. He also has a Masters in Commerce from Bangalore University.
Shares of Sobha Limited was last trading in BSE at Rs. 745.95 as compared to the previous close of Rs. 746.95. The total number of shares traded during the day was 11725 in over 1085 trades.
The stock hit an intraday high of Rs. 758.75 and intraday low of 742.00. The net turnover during the day was Rs. 8786750.00.