Spandana shows "spoorthy"

Spandana Spoorthy has been up among the top gainers since yesterday. The stock price rose over 18.5% to hit an intraday high at Rs.395; its 20% UC for the day is at Rs.399.75.

Amicable resolution of any feud is welcome and that’s what the market did; 8-months after the abrupt exit of the founder and MD, Padmaja Reddy, the company stated yesterday that is has resolved all differences with her by way of an in-principal agreement. Details of the agreement are not clear.

The company said that Reddy will step down as MD but will continue to be a substantial shareholder and board member.  

Reddy had left after disagreement with the majority shareholder PE Fund, Kedaara Capital over the company’s proposal sale to Axis Bank. Kedaara Capital-backed Kangchenjunga holds 41.3% while Reddy with her husband hold15.22%.