Infrastructure Development Finance Company (IDFC) Limited appointed Mahendra N Shah as the Managing Director-Designate on Wednesday. As per a notification, the decision was based on the recommendations of the Nomination and Remuneration Committee and was finalised by the Board of Directors at a meeting held on Wednesday. Shah will be formally taking over the post from October 1, 2022, and will serve till September 30, 2023. His extension will depend on the approval of the shareholders of the Company and other applicable statutory/regulatory approvals. His predecessor, Sunil Kakar’s last working day will be September 30, 2022, the company said in an exchange filing.
Shah is currently serving as the Company Secretary and Compliance Officer of IDFC Limited. He has held the post since May 24, 2019. After him, Shivangi Mistry will serve as the Company Secretary and Compliance Officer with immediate effect.
Earlier, Shah has served the company at various levels. He was the Group Company Secretary and Group Chief Compliance Officer of IDFC FIRST Bank and was the Group Head - Governance, Compliance & Secretarial and Senior Advisor — Taxation for more than a decade.
Shares of IDFC Limited closed trading at Rs. 62.07 on August 24 and were up by 2.70% as compared to Tuesday. The stock’s 52-week high was Rs 70.15, while its 52-week low was Rs 42.25. The shares hit an intraday high of Rs 63.10 and an intraday low of Rs 61.20.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today