Mumbai, Aug 24

The Board of IDFC Ltd has approved the appointment of Mahendra N Shah as Managing Director (MD) - Designate with immediate effect.

He will be MD with effect from October 1, 2022, till September 30, 2023, subject to approval of the shareholders of the company and other applicable statutory/regulatory approvals, IDFC said in a regulatory filing on Wednesday.

The term of Sunil Kakar as MD & CEO of the company will end at the close of business hours on September 30, 2022.

Prior to this appointment, Shah was Company Secretary & Compliance Officer of IDFC since May 2019. Before joining IDFC in 2001, he worked with International Paper Ltd for six years as Director - Finance & Company Secretary, as per the filing.

IDFC operates as an NBFC – Investment Company mainly holding investment in IDFC Financial Holding Company Ltd (IDFC FHCL), which is a non-operative financial holding company. IDFC FHCL in turn holds investments in IDFC FIRST Bank and IDFC Asset Management Company (AMC) Ltd.