Residency Projects & Infratech appoints C K Vasudevan as MD

Changes name to “Valuemart Retail Solutions Limited”

Residency Projects & Infratech Limited (RPIL), a Bangalore based Company listed on the Bombay Stock Exchange (BSE) and Bangalore Stock exchange (BgSE), has announced that it has appointed C K Vasudevan as Managing Director of the Company for a period of 5 Years with effect from 01.04.2011.

RPIL also announced that the name of the Company is being changed to “Valuemart Retail Solutions Limited” subject to shareholders and ROC approval. The Company plans to diversify into the Retail Solutions space and will offer B2C solutions, RFID Solutions, Smartcards and Web based solutions for Retail & Financial Services sectors.

C K Vasudevan was formerly the Managing Director of Valuemart Info Technologies Limited, a BSE and BgSE listed firm.  He is also the promoter of Valuemart Retail (India) Limited, a Bangalore based B2C & Retail Solutions firm.

Vasudevan has over 25 years experience in Banking, Wealth Management, Corporate Finance & Restructuring.  He was instrumental in successfully turning around Valuemart Info Technologies Ltd.  

Valuemart Retail (India) Limited, had acquired a 59.86% stake (573950 Shares) in M/s Residency Projects & Infratech Ltd from the existing Promoters on 18th November 2010. It acquired another 11.95% stake (114580 Shares) through open offer from the public shareholders raising its total shareholding to 71.81% (688530 Shares).