News ArticleSigma Advanced Systems Approves Rs 3,000 Crore Fundraising and Key Board Appointments Including New Chairman and Managing Director
Board appoints Mr. Galla Jayadev and Ms. Urkavalan Jeya Santhi as Independent Directors, redesignates executives, and notes multiple director resignations
Sigma Advanced Systems Limited announced multiple board changes including appointment of Mr. Galla Jayadev as Independent Director, designation of Lt. Gen. Retd. Raju Somashekar Baggavalli as Chairman, promotion of Mr. Sunil Kumar Kalidindi to Managing Director, and approved raising up to Rs 3,000 crore through various funding methods.
Sigma Advanced Systems Limited
Corporate Action
Sigma Advanced Systems Limited's board approved unaudited financial results for Q2 and H1 ending September 30, 2026, sanctioned a fundraise of up to Rs 3,000 crore via various equity methods, and implemented several board and management changes including new independent directors and leadership shifts.
The Board approved standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2026, accompanied by limited review reports, asset and liability statements, and cash flow statements.
The company sanctioned raising funds up to Rs 3,000 crore through equity shares or eligible securities by multiple issuance methods such as further public offers, preferential allotment, rights issue, private placement, or qualified institutional placement, subject to shareholder and regulatory approvals.
Mr. Galla Jayadev was appointed as an Independent Director (Non-Executive, Additional) on November 6, 2026. He brings business leadership and parliamentary experience.
Ms. Urkavalan Jeya Santhi was also appointed as an Independent Woman Director (Non-Executive, Additional).
Lt. Gen. Retd. Raju Somashekar Baggavalli was designated as Chairman of the Board, while Mr. Kartheek Raju Chintalapati was made Whole-Time Director and Vice Chairman, and Mr. Sunil Kumar Kalidindi was elevated from Whole-Time Director to Managing Director of the company during the meeting held on November 6, 2026, indicating leadership restructuring at the highest level of management and board governance practices prior to an upcoming postal ballot notice for shareholders' approval of fund raising measures and other corporate actions.
Highlights
- Fundraise approval up to Rs 3,000 crore via equity and securities in multiple tranches and modes
- Appointment of Mr. Galla Jayadev and Ms. Urkavalan Jeya Santhi as Independent Directors
- Designation of Lt. Gen. Retd. Raju Somashekar Baggavalli as Chairman of the Board
- Promotions of Mr. Kartheek Raju Chintalapati to Whole-Time Director and Vice Chairman
- Mr. Sunil Kumar Kalidindi elevated to Managing Director
- Noted resignations from three directors: Mr. Suryanarayana Raju Nandyala, Ms. Leona Ambuja, and Ms. Uma Garimella
Key Data Snapshot
What happened
- Sigma Advanced Systems' Board approved fundraising up to Rs 3,000 crore by issuing equity or other eligible securities through various methods.
- The Board appointed two new Independent Directors: Mr. Galla Jayadev and Ms. Urkavalan Jeya Santhi.
- Lt. Gen. Retd. Raju Somashekar Baggavalli was appointed as Chairman of the Board.
- Promotions include Mr. Kartheek Raju Chintalapati as Whole-Time Director and Vice Chairman and Mr. Sunil Kumar Kalidindi as Managing Director.
- The Board accepted resignations from three directors: Mr. Suryanarayana Raju Nandyala, Ms. Leona Ambuja, and Ms. Uma Garimella.
- Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, were approved.
Key details
- Fundraising is subject to shareholder approval through postal ballot and regulatory consents.
- Fundraising modes include further public offer, preferential allotment, rights issue, private placement, and qualified institutional placement.
- Mr. Galla Jayadev has extensive business and political experience, including parliamentary roles and industry leadership.
- The company will publish extracts of the financial results in English and Tamil newspapers as per regulations.
- The financial results and disclosures will also be available on the company's and stock exchanges' websites.
Highlights
- Fundraise approval up to Rs 3,000 crore via equity and securities in multiple tranches and modes
- Appointment of Mr. Galla Jayadev and Ms. Urkavalan Jeya Santhi as Independent Directors
- Designation of Lt. Gen. Retd. Raju Somashekar Baggavalli as Chairman of the Board
- Promotions of Mr. Kartheek Raju Chintalapati to Whole-Time Director and Vice Chairman
- Mr. Sunil Kumar Kalidindi elevated to Managing Director
- Noted resignations from three directors: Mr. Suryanarayana Raju Nandyala, Ms. Leona Ambuja, and Ms. Uma Garimella
Disclosures
- SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
- SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
- Companies Act, 2013
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
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