Telecom firm Vodafone Idea on Friday announced the elevation of present chief financial officer Akshay Moondra as its new chief executive officer with effect from August 19, the company said in a regulatory filing.

The company’s present managing director and chief executive officer Ravinder Takkar will continue to be on the board of the company as a non-executive and non-independent director post completion of his tenure, the filing said.

“The board of the company has, based on the recommendation of the nomination and remuneration committee, appointed Akshaya Moondra, currently the chief financial officer of the company, as the chief executive officer of the company for a period of 3 years effective August 19,” it added. Takkar was appointed MD and CEO of Vodafone Idea on August 19, 2019, for a term of three years which was scheduled to end on August 18.

Takkar has been serving as managing director and chief executive officer without any remuneration.

The company only bore expenses incurred by Takkar for the business of the company.

The company will announce a new CFO in due course, according to the filing.

Vodafone Idea (VIL) said Takkar is an experienced global executive with nearly three decades in the Vodafone Group, and will continue to serve with Vodafone Group. VIL entrusted Takkar with the task of raising funds and growing the business post merger of Vodafone India and Idea Cellular.

While the company successfully completed a Rs 25,000-crore rights issue in April 2019, Takkar has been unable to get further funds which the board approved on a couple of occasions.

VIL board also approved issuing of warrants convertible into equivalent number of equity shares to a subsidiary of promoter Vodafone, at an issue price of Rs. 10.20 per Warrant, aggregating up to Rs. 436.21 crore.

“Warrants can be exercised at any time, within a period of 18 months from the date of allotment of warrants,” VIL said in the filing.