Hardayal Prasad quits as PNB Housing Finance MD, Girish Kousgi to exchange him

PNB Housing Finance’s managing director Hardayal Prasad has resigned from his function, citing private causes. He’s being changed by Girish Kousgi, who has been the managing director and chief government officer of Can Fin Properties.

Kousgi’s appointment is topic to the approval of shareholders, PNB Housing Finance stated in an announcement.

A veteran of 25 years of mortgage and retail lending expertise, Kousgi was managing director Can Fin Properties previous to becoming a member of PNB Housing.

Prasad, who put in his papers on Thursday, has agreed to work as an advisor to PNB Housing Finance.

His tenure as MD had seen many twists and turns. The lender failed to boost fairness capital even after personal fairness agency Carlyle’s introduced to boost a majority stake within the firm. Carlyle Group, which holds about 32% within the housing finance firm, needed to drop its capital infusion plan because of regulatory and authorized hurdles.

In the meantime, Can Fin Properties stated it’s within the technique of recruiting a brand new CEO from the market. The corporate has requested deputy managing director Amitabh Chatterjee to handle the affairs of the corporate within the interim interval.