Comments
The Reserve Bank of India has approved the re-appointment of Baskar Babu Ramachandran as the MD & CEO of Suryoday Small Finance Bank for three years effective January 23, 2023.
The Bank, on Tuesday, initimated the stock exchanges regarding the developments.
Babu, the founder and MD & CEO of Suryoday SFB, sold bank’s 50 lakh shares on December 16 for ₹55.44 crore to close a loan for exercising warrants to maintain the promoter’s stake at the minimum of 26 per cent for the first 5 years (up to January 22, 2022) as per RBI regulations.
Post this transaction, the total promoter group holding stands at 23.30 per cent and the MD & CEO’s individual holding stands at 5.94 per cent, as per the bank’s exchange filing.
Ramachandran still holds 63,01,911 shares amounting to 5.94 per cent after aforementioned sale, of which 62.40 lakh shares are pledged. Prior to the sale of shares, his shareholding was at 10.65 per cent.
The Bank was originally incorporated as Suryoday Micro Finance Pvt Ltd at Chennai in 2008 and subsequently got converted into a public limited company as Suryoday Micro Finance Ltd in 2015.
Suryoday Micro Finance was granted in-principle and final approval to establish an SFB by the RBI, pursuant to its letters dated October 7, 2015 and August 26, 2016, respectively. The SFB commenced its business with effect from January 23, 2017.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.