Five-Star Business Finance Limited appoints Joint Managing Directors

The Board of Directors of Five-Star Business Finance Limited at its meeting held on Saturday, August 17, 2024, has approved the appointment of Mr Rangarajan Krishnan (aka Ranga) and Mr Srikanth Gopalakrishnan (aka Srikanth) as Additional Directors in the capacity of Joint Managing Directors of the Company.

Rangarajan and Srikanth joined the company in 2015, when the portfolio was around INR 150 Crores. They have been associated with the Company for the last 9 years and have been instrumental in the growth of the Company. Working with the Chairman & Managing Director, they have ensured that the Company grew not just in size of reaching 10,000+ Crores, but also across various other qualitative aspects such as quality & profitability, governance & compliance, management & execution team strength, with the pinnacle of achievement coming in the form of the Company's Initial Public Offering in November 2022.

Mr Lakshmipathy Deenadayalan, Chairman & Managing Director, commented on the appointments as given below: "Ranga and Srikanth have been closely working with me for the last 9 years and their contributions have been immense in bringing the Company to its current stage. It took a great deal of courage for both, to join Five Star when it was a very small Company; they have also been instrumental in bringing in many of the professionals to join the Company. They have stood by me through thick and thin and thoroughly deserve this elevation. On behalf of the entire Board, I wish them all the very best and look forward to their contribution to making Five Star one of the market leaders in the Small Business lending segment.

As is currently, I will continue to focus my full energies and be completely involved in both the strategic and operational affairs of the Company in my capacity as the Chairman & Managing Director of the Company."

Mr Rangarajan and Mr Srikanth issued a joint statement on their appointments as given below: "It is an immense privilege for us to have been elevated to the position of Joint Managing Directors at Five Star and we are extremely thankful to Mr Pathy and the entire Board for reposing confidence in us. The journey over the last 9 years has been magnificent to say the least and to have a part of this stupendous growth journey interspersed with multiple fund raises, diligences, regulatory inspections, micro and macro challenges, eventually culminating with the IPO, has been an extremely enriching and satisfying journey. We would also like to express our thanks to the entire Five Star family, without whose support, we would not be the Company that we are today. We look forward to many more years of learning, scaling and an exciting path ahead, as we strive to become one of the most respected financial institutions in our country".

Shares of Five-Star Business Finance Limited was last trading in BSE at Rs. 710.10 as compared to the previous close of Rs. 692.40. The total number of shares traded during the day was 5568 in over 381 trades.

The stock hit an intraday high of Rs. 712.10 and intraday low of 699.95. The net turnover during the day was Rs. 3948533.00.

Source : Equity Bulls

Keywords

FiveStarBusinessFinance NBFC INE128S01021 Appointment JointMDs