Future group makes Vaidyanathan’s induction official
02 Aug 2010
The Kishore Biyani-promoted Future Group has appointed V Vaidyanathan as the vice chairman and managing director of its financial services arm, Future Capital Holdings.
Vaidyanathan had on Friday quit ICICI Prudential as its managing director and chief executive officer.
Vaidyanathan's new appointment, which was approved by the company's board at its meeting held in Mumbai on Saturday, would come into effect from 10 August, a company statement said. (See: S Bakshi takes over as ICICI Life MD and CEO as Vaidyanathan quits)
The company also said that Sameer Sain has stepped down as the vice chairman of the board of directors.
The board has also decided to offer 80 lakh warrants to Future Group chairman and promoter Kishore Biyanai and 20 lakh warrants to Vaidyanathan at Rs237 each aggregating to Rs237 crore on a preferential basis.
The warrant holders will have the option to acquire equal of equity shares within 18 months, subject to regulatory approval, the statement said.
"Since many top officials walked out with Sameer Sain, Vaidyanathan will have to rebuild the team from the scratch. The company is banking on his reputation," a source closed to development told news agency PTI.
Vaidyanathan is credited with launching many retail initiatives of ICICI Bank.