MFI Spandana's MD Padmaja Gangireddy quits over disagreement with Kedaara Capital

Padmaja Gangireddy has resigned as the MD of Hyderabad-based, publicly listed microfinance institution (MFI) Spandana Sphoorty Financial Ltd following a disagreement with private equity investor, Kedaara Capital. Reddy, the founder of Spandana, has a 17% stake in the company while Kedaara holds 45%. The MFI will hire a new MD and CEO. KR Kamath, former CMD of Punjab National Bank and board member of Spandana, will chair a management committee to provide strategic direction to the business operations in the interim as part of the transition plan. Shalabh Saxena, currently MD and CEO of Bharat Financial Inclusion Ltd, is tipped to be appointed as the new CEO of Spandana.