CFO of Piraml Enterprises to takeover as CEO of Shriram Capital Ltd

Rajesh Laddha, Chief Financial Officer - Piramal Enterprises Limited to move to Shriram Capital Limited as Managing Director & Chief Executive Officer.

Piramal Enterprises Limited ('PEL', NSE: PEL, BSE: 500302) announced that the Board of Shriram Capital Limited (SCL) at their meeting held on 28th June 2017, has approved the appointment of Mr. Rajesh Laddha, as Managing Director (MD) and Chief Executive Officer (CEO) with effect from July 1, 2017. Consequently, Mr. Rajesh Laddha will cease to be the Chief Financial Officer of Piramal Enterprises Limited (PEL) with effect from the close of business hours on June 30, 2017.

PEL is in the process of appointing a new Chief Financial Officer, in compliance with applicable law, and in the interim, financial controls and organization structure, including the existing finance team, are well placed to ensure that the finance function at PEL is duly taken care of.

Commenting on this development, Mr. Ajay Piramal, Chairman - Piramal Group said, "As an important member of the Piramal Group, Rajesh Laddha has successfully driven some of our most significant strategic forays, acquisitions and negotiations in businesses. When the Board of Shriram Capital collectively requested that he transitions from his role of non-executive director on the Board of Shriram Capital Limited to Managing Director & CEO, we were happy to support their decision. We remain committed to our investments in Shriram Group and believe that this appointment will further accelerate its robust growth opportunities."

PEL holds an effective 20% equity stake in SCL and an equity stake of approximately 10% each in Shriram Transport Finance Limited and Shriram City Union Finance Limited. Mr. Rajesh Laddha was appointed as non-executive director on the board of SCL on July 21, 2015, following PEL's investment into SCL.

Shares of PIRAMAL ENTERPRISES LTD. was last trading in BSE at Rs.2798.55 as compared to the previous close of Rs. 2805.35. The total number of shares traded during the day was 7168 in over 971 trades.

The stock hit an intraday high of Rs. 2845.65 and intraday low of 2789.95. The net turnover during the day was Rs. 20180745.

Source : Equity Bulls

Keywords