Afcons Infrastructure

Afcons Infrastructure Limited appointed Santosh Balachandran Nayar as Additional Director (Non-Executive & Independent) and Firoz Cyrus Mistry as Additional Director (Non-Executive & Non-Independent), both effective from September 25, 2025. Nayar brings over 40 years of experience in project finance and banking, having held senior positions at State Bank of India, IFCI Limited, and India Infrastructure Finance Company Limited. Mistry, aged 29 and a promoter of the SP Group, is the son of Late Cyrus Mistry and holds a liberal arts degree from Yale University. The company also categorized Udai Veer Singh as Senior Management Personnel in his role as Executive Vice President (Operations). Additionally, the board approved the Afcons Infrastructure Limited Employee Stock Option Plan 2025, creating a pool of 1,83,89,232 stock options exercisable into equity shares of Rs. 10 face value each. The company also approved issuance of 5,000 non-convertible debentures worth Rs. 50 crores on a private placement basis with 3-year tenure, proposed to be listed on NSE. Executive Chairman Krishnamurthy Subramanian noted that both appointments follow Pallon S Mistry joining the board last month, signaling next-generation family involvement in Afcons.

Afcons Infrastructure Limited has scheduled a Board of Directors meeting for September 25, 2025, to consider two key proposals. The board will review the adoption of the Afcons Infrastructure Limited Employee Stock Option Plan 2025, which requires approval from the Nomination and Remuneration Committee and shareholders. Additionally, the board will consider issuing Rated Unsecured Listed Redeemable Non-Convertible Debentures on a private placement basis. The company has notified both BSE and NSE about the scheduled meeting.

Afcons Infrastructure announced a leadership reshuffle, transitioning Shapoorji Mistry from Chairman to Chairman Emeritus after 25 years on the board, including 13 years as Chairman. Krishnamurthy Subramanian, previously Executive Vice-Chairman, has been appointed as Executive Chairman. Subramanian brings 22 years of experience with Afcons and previously served as Managing Director for 15 years. The company also inducted Pallon S Mistry to its board of directors, representing the next generation of the Shapoorji Pallonji family. Under Shapoorji Mistry's leadership from FY2012 to FY2025, Afcons' turnover grew nearly fivefold to ₹13,023 crore, with EBITDA rising at over 14.5% CAGR and the order book expanding more than fivefold to ₹36,869 crore. The company has executed major projects including the Chenab Railway Bridge, Atal Tunnel, and India's first underwater tunnel for Kolkata Metro. Afcons shares were trading at ₹418.70, down 0.81%.