In November 2021, Padmaja Gangireddy had stepped down as MD of the Company after strategic disagreement with Kedaara Capital.
Since then, both Spandana and Padmaja have moved on; though Padmaja continued to be a non-executive director , is currently categorised as the promoter and owns 14.5% in the Company.
Padmaja who is now completely focused on her new venture Keertana Finserv has now decided to severe all ties with Spandana.
- Last week, she resigned as non-executive director from the Company;
- She has requested to declassify her as the promoter; and
- She plans to gradually divest her 14.5% stake
- Her 14.5% is currently worth Rs 722 cr
- Of this she intends to sell atleast Rs 100 cr in the short term and then over period as the need arises and Spandana valuations warrant
Investors will consider this an amicable exit without any further escalation.