Afcons Infrastructure Appoints New Directors, Approves ESOP Plan, and Issues NCDs
Afcons Infrastructure Limited has made significant changes to its board and approved new financial initiatives. The company appointed Santosh Balachandran Nayar as an Additional Director (Non-Executive & Independent) and Firoz Cyrus Mistry as an Additional Director (Non-Executive & Non-Independent). Udai Veer Singh was categorized as Senior Management Personnel. The company approved an Employee Stock Option Plan 2025 and the issuance of Non-Convertible Debentures worth Rs. 50.00 crores. These changes signal a strategic shift and increased next-generation involvement in the company's future.
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Afcons Infrastructure Limited , a flagship company of the Shapoorji Pallonji Group, has announced significant changes to its board and approved new financial initiatives. The company's board meeting on September 25, 2025, resulted in several key decisions that signal a strategic shift and next-generation involvement in the company's future.
New Board Appointments
Afcons has appointed two new directors to its board:
Santosh Balachandran Nayar joins as an Additional Director (Non-Executive & Independent). With over 40 years of experience in project finance and banking, Nayar brings valuable expertise from his previous roles at State Bank of India, IFCI Limited, and India Infrastructure Finance Company Limited.
Firoz Cyrus Mistry has been appointed as an Additional Director (Non-Executive & Non-Independent). At 29, Mistry represents the next generation of the Shapoorji Pallonji family. He holds a liberal arts degree from Yale University and is currently on the boards of several SP Group companies.
Senior Management Changes
The board has categorized Udai Veer Singh as Senior Management Personnel in his role as Executive Vice President (Operations). Singh, with over 30 years of experience in civil engineering, has led multi-million and billion-dollar infrastructure projects across multiple countries.
Employee Stock Option Plan
Afcons has approved the "Afcons Infrastructure Limited Employee Stock Option Plan 2025" (ESOP 2025). The plan creates a pool of 1,83,89,232 stock options, each exercisable into one equity share of Rs. 10.00 face value. The exercise price will be determined by the Nomination and Remuneration Committee, with a maximum discount of up to 20% to the market price on the grant date.
Non-Convertible Debentures Issuance
The company has approved the issuance of 5,000 rated, unsecured, listed, redeemable Non-Convertible Debentures (NCDs) with a face value of Rs. 1,00,000.00 each. This private placement will raise Rs. 50.00 crores, with the NCDs having a 3-year tenure and proposed to be listed on the National Stock Exchange of India Limited.
Strategic Implications
Krishnamurthy Subramanian, Executive Chairman of Afcons, commented on the appointments: "We are delighted to welcome Firoz Mistry and Santosh Nayar to our Board. Their entry marks their passionate involvement in shaping Afcons' future."
The appointments of Firoz Mistry and Pallon S Mistry (who joined the board last month) signify increased next-generation involvement from the Shapoorji Pallonji family in Afcons' operations. This move is expected to bring fresh perspectives and insights to the company's strategic direction.
Afcons Infrastructure Limited continues to be a major player in the infrastructure sector, ranked among the Top 140 international contractors globally by ENR survey, with notable rankings in bridges (12th) and marine & ports (14th) categories.
These developments indicate Afcons' commitment to strengthening its leadership, incentivizing employees, and securing additional funding for future growth and projects.
Historical Stock Returns for Afcons Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.46% | +3.52% | +6.19% | +10.22% | -1.79% | -1.79% |
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