Can Fin Homes To Let Kousgi Go Oct 20, May Ask Headhunter To Find Successor

Published date: .


Can Fin Homes | Can Fin Homes Limited | Can Fin Homes stock

Abhijit Lele  |  Mumbai 

Girish Kousgi

Girish Kousgi

').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();

Ltd will relieve its managing director and chief executive officer (MD & CEO) Girish Kousgi on October 20, 2022 after he had conveyed his decision on Monday to resign citing personal reasons.

Meanwhile, the firm's stock remained under pressure for the third day in a row after the company announced his resignation, closing 2.34 per cent lower at Rs 552.15 a share on the BSE. The share had tumbled 4.1 per cent on Tuesday and 7.25 per cent on Monday.

The Bengaluru-based mortgage lender said in filing with BSE that Kousgi would be relieved on October 20 after office hours. Its board held a meeting to take stock of developments following resignation.

Neither nor its promoter, Canara Bank, responded to queries sent on the succession plan, the impact on business and fund raising. The company was planning to invite capital this year following shareholders' approval to raise up to Rs 1,000 crore.

Bank officials said the company would engage a search firm to find Kousgi's successor. The resignation would not impact the company's operations and business as the firm functions under clear rules and regulatory guidelines.

Promoted by Canara Bank, is a deposit-taking housing finance company registered with National Housing Bank. It has a presence in 21 states and Union Territories, and operates primarily in the affordable housing segment.

Can Fin Homes reported a net profit of Rs 162 crore in Q1FY23, on a loan book of Rs 27,538 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 21 2022. 22:10 IST