Spandana Sphoorty CEO resigns; CFO takes over

Thu, 24 April 2025

12:12

Shalabh Saxena, managing director and chief executive officer (MD & CEO), Spandana Sphoorty Financial Limited (SSFL) has resigned with immediate effect, even as the loss-making non-banking financial company working as a micro finance institution is battling the ongoing microfinance stress.Ashish Kumar Damani, current president and chief financial officer (CFO), will be the Interim CEO of the company with effect from April 23, 2025.

The appointment of Damani -- who was working as CFO since March 19, 2022 -- was confirmed by the company board.

"The company remains committed to a seamless transition in its leadership,' SSFL said in filing with BSE. The stock of the company closed six per cent lower at Rs 305.2 per share on BSE.

Prior to joining Spandana Sphoorty, Damani had worked in various capacities at Bharat Financial Inclusion Ltd, an entity that merged with IndusInd Bank.

Saxena, in his resignation letter said he has been with Spandana for over three years now. Of late, he has been nurturing thoughts of pursuing opportunities outside the company.

"I would hence want to step down from my current position with the assurance of a smooth transition over my notice period," he added.

Early this month, CARE Ratings affirmed SSFL's long-term bank rating of 'A'.

The ratings for SSFL factored in a comfortable capitalisation profile with a capital adequacy ratio (CAR) of 36 per cent and gearing of 2.5 times as on December 31, 2024.

Further, SSFL has sought approval from its board and shareholders to raise confidence capital of up to Rs 750 crore.

Abhijit Lele/Business Standard

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