Telecom agency Vodafone Concept on Friday introduced the elevation of current chief monetary officer Akshay Moondra as its new chief govt officer with impact from August 19, the corporate mentioned in a regulatory submitting.
The corporate’s current managing director and chief govt officer Ravinder Takkar will proceed to be on the board of the corporate as a non-executive and non-independent director publish completion of his tenure, the submitting mentioned.
“The board of the corporate has, primarily based on the advice of the nomination and remuneration committee, appointed Akshaya Moondra, at the moment the chief monetary officer of the corporate, because the chief govt officer of the corporate for a interval of three years efficient August 19,” it added. Takkar was appointed MD and CEO of Vodafone Concept on August 19, 2019, for a time period of three years which was scheduled to finish on August 18.
Takkar has been serving as managing director and chief govt officer with none remuneration.
The corporate solely bore bills incurred by Takkar for the enterprise of the corporate.
The corporate will announce a brand new CFO sooner or later, in line with the submitting.
Vodafone Concept (VIL) mentioned Takkar is an skilled international govt with practically three a long time within the Vodafone Group, and can proceed to serve with Vodafone Group. VIL entrusted Takkar with the duty of elevating funds and rising the enterprise publish merger of Vodafone India and Concept Mobile.
Whereas the corporate efficiently accomplished a Rs 25,000-crore rights problem in April 2019, Takkar has been unable to get additional funds which the board authorized on a few events.
VIL board additionally authorized issuing of warrants convertible into equal variety of fairness shares to a subsidiary of promoter Vodafone, at a problem worth of Rs. 10.20 per Warrant, aggregating as much as Rs. 436.21 crore.
“Warrants could be exercised at any time, inside a interval of 18 months from the date of allotment of warrants,” VIL mentioned within the submitting.