Prabhat Dairy Ltd said on Tuesday it has named Amit Gala its new chief financial officer.
Gala replaces Keyur Shah, who had resigned in October and left the company on December 11, the Ahmednagar-based company said in a stock exchange filing.
Shah had joined the company in 2013 and was earlier associated with an engineering company based at Mumbai. Prior to that, he had worked with Doshion Veolia Water Solutions Pvt. Ltd and Azure.
Prabhat Dairy had received a poor reception to its initial public offering that had prompted its private equity investors to cut their offer-for-sale portion to see the issue through.
It had made a tepid debut on the bourses after issuing shares at Rs 115 apiece.
The stock has risen since then. It closed at Rs 142.80 on the BSE on Tuesday.
Rabo India PE and French development financial institution Proparco part-exited during the IPO, more than doubling their investment value in the process.
Incorporated in 1988, Prabhat Dairy markets products under Prabhat, Flava and Milk Magic brands. It is a regional player with operations mainly in Maharashtra. As of March 2015, the company had an aggregate milk processing capacity of 1.5 million litres a day.
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