Padmaja Reddy, Founder and Managing Director of Spandana Sphoorty Financial Ltd., resolved all disputes regarding the company. Spandana Sphoorty also communicated this information to the stock market. Due to this news, the company’s share price soared by as much as 20%. Let us tell you that it is a non-bank finance company i.e. NBFC.
What the company said: At a stock exchange briefing, Spandana Sphoorty said Padmaja Reddy had stepped down as MD but would continue to be a major shareholder and board member.
What Spandana said: The company said: “There have been some disputes between Padmaja Reddy and the board of directors of the company. We are now pleased to inform you that the company and Ms Reddy have resolved their differences and parted ways amicably. .”
Spandana Sphoorty and its Board of Directors reiterated their commitment to developing the business of the company to take it to greater heights. Let us tell you that in November last year, Reddy left Spandana following a disagreement with majority shareholder Kedara Capital over the sale of the company’s bid to Axis Bank.
In an email sent to company employees and its board, Reddy claimed he was forced to resign after opposing Kedara’s attempt to sell the company to Axis Bank in disappointing valuations.
Kangchenjunga Limited, backed by private equity fund Kedara Capital, is the microfinance institution’s largest shareholder with a 41.3% stake as of end-May 2022. Promoter Reddy and her husband own 15.22% of the capital of the company.
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Stock price: Speaking of the stock, on Thursday, its price is Rs 399.35. Speaking of the previous day, the stock price rose by 19.87%. Speaking of market capital, it is Rs 2,833 crore.
(Disclaimer: The performance information provided here does not constitute investment advice only. Investing in the stock market is subject to risks and please consult your advisor before investing.)