Moneycontrol
Last Updated : Mar 06, 2019 10:50 AM IST | Source: Moneycontrol.com

Blue Star gains 4% after major management rejig

B Thiagarajan, who was the joint managing director, has been elevated to the position of managing director.

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Blue Star shares climbed 4 percent in morning on Wednesday after the company announced major management rejig.

The leading air-conditioning and commercial refrigeration major on Tuesday said it has appointed Shailesh Haribhakti, the noted chartered accountant and tax specialist, as its chairman.

The board has elevated Vir S Advani to Vice Chairman and approved his re-designation as Vice Chairman & Managing Director.

B Thiagarajan, who was the joint managing director, has been elevated to the position of managing director.

All the appointments are with effect from April, the company said in a statement.

Haribhakti succeeds Suneel Advani, who will be retiring from the board end March and will become the chairman emeritus, the company said in a statement.

Haribhakti joined the board of Blue Star in 2005 as an independent director and will be the first professional, independent chairman in the 75 year history of the company, the statement added.

Blue Star has been around for the past 75 years and has been a publicly traded company for 50 years.

The stock was quoting at Rs 664.85, up Rs 17.75, or 2.74 percent on the BSE, at 10:34 hours IST.
First Published on Mar 6, 2019 10:50 am
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