DLF Group CFO Saurabh Chawla quits, director Ashok Kumar Tyagi to take over

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Realty major DLF Wednesday said its group CFO Saurabh Chawla has resigned from the company to explore new professional opportunities.

Ashok Kumar Tyagi, the company's whole-time director, would be the new group chief financial officer (CFO), DLF said in a filing to the BSE.

Chawla, who joined DLF in April 2006, became CFO in December last year. Tyagi was the group CFO before Chawla.

Both Tyagi and Chawla were instrumental in the big ticket deal where DLF promoters sold their 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 120 billion. Singapore's sovereign fund GIC had invested Rs 90 billion in this deal for 33.34 per cent stake.

"Saurabh Chawla, Group CFO, DLF Ltd, has expressed his wish to move on, in his desire for exploring new professional opportunities and tendered his resignation," it said, adding that the board has accepted the resignation.

"The Board and audit committee also decided that Ashok Kumar Tyagi, Whole-time Director, who was the Group CFO till December 2017, will assume responsibility and functions of the Group CFO and will work with Saurabh Chawla to ensure a seamless transition," DLF said, adding that the transition should be complete by January 2019.

Chawla is a B.Com (Hons) graduate from the University of Delhi and an MBA (Finance) from Pace University, New York. He has over 20 years of work experience in the field of corporate finance.

Prior to joining DLF, Chawla worked with Global Capital Management Group, First Capital, GE Capital, Intellistudent Services Pvt Ltd and Moser Baer India Ltd.

In the filing, DLF also sought fresh approval from its shareholders through postal ballot to launch its qualified institutional placement (QIP).

The board approved offering up to 173 million equity shares of Rs 2 each in one or more tranches by way of private placement, including QIP, subject to the approval of the shareholders.

"It is clarified that the Company is seeking the approval of the shareholders afresh, since the earlier approval granted by the shareholders for the aforementioned offer (vide Special Resolution passed at the Extra-Ordinary General Meeting held on December 27, 2017) is valid until December 26, 2018...", the filing said.

DLF had earlier said it planned to raise more than Rs 40 billion through QIP.

At current market price, the company would be able to raise Rs 30 billion.