Solara Active appoints PV Raghavendra Rao as chief financial officer

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Drugmaker Solara Active Pharma Sciences on Thursday announced that PV Raghavendra Rao has been appointed as the chief financial officer (CFO) of the company and has been given the designation of key managerial personnel. The appointment is effective from October 26, the company said in a press release. 

Rao is a chartered accountant from the Institute of Chartered Accountants of India (ICAI) and has about two and half decades of post-qualification experience. Rao has a strong track record of handling multiple industries, including pharmaceuticals, the company said.

Rao will join Solara Sequent Scientific Limited, where he was the chief financial officer. Previously, he was at Macleods Pharmaceuticals Ltd and Dr Reddy's Laboratories Limited, for over 14 years where he handled various roles in finance. Rao also has experience in handling manufacturing plants spread across India and overseas, along with experience in strategy, identifying moves and handling strategy deployment processes.

Raghavendra Rao had resigned from the role of chief financial officer of Sequent Scientific Limited with effect from October 25

According to the company's exchange filing, "We wish to inform you that PV Raghavendra Rao, chief financial officer and key managerial personnel of the company has resigned today i.e., October 16, 2023, due to personal reasons, which require him to relocate out of Mumbai. He will continue in his current role till the close of business hours on October 25, 2023."

On September 7, Solara Active Pharma's promoters Karuna Business Solutions offloaded a 2.04 per cent stake in the company. Spiracca Ventures was the buyer in the block deal, picking up the stake at a value of Rs 270.54 crore.