Public listed real estate developer Puravankara Projects Ltd has announced top management changes with Ashish Ravi Puravankara, the existing joint managing director of the company, being promoted as managing director and chief executive officer (CEO) of the company, as per a stock market disclosure.
Ravi Puravankara, currently chairman and MD, will continue to hold the position of chairman of the company.
As part of the corporate restructuring process, the current group CEO Jackbastian K Nazareth has been re-designated as the chief development officer of the company.
Meanwhile, Nani R Choksey, the deputy MD of the company, has also been promoted as a joint managing director.
All the changes being approved by the board are without any change in the tenure of directorship including other terms and conditions of the appointments, it added.
Puravankara, which has presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Mumbai and Pune, has 24.87 million sq ft of projects under development with 81.83 million sq ft expected to be developed over the next few years.
It had established a new arm to cater to mid-income housing segment under Provident Housing in 2008. This unit has launched 13.93 million sq ft across Chennai, Bangalore, Mangalore and Coimbatore.
Last week, Puravankara raised around 82 crore (13 million) from ASK Group for Provident Housing.
On Monday, shares of Puravankara Projects last traded at Rs 71.05, down 2.34 per cent on BSE in strong Mumbai market.