Aditya Bafna, Executive Director of Shree Shubham Logistics, a subsidiary of public-listed Kalpataru Power Transmission, has put in his papers. With an experience of over 12 years, Aditya Bafna plans to start his own venture.
Shree Shubham Logistics, co-promoted by Bafna family, recently appointed 62-year-old Prakash Bakshi, the former Chairman of Nabard as Managing Director.
The exit of Bafna comes when the company is gearing up to launch its initial public offering to raise ₹210 crore. SEBI approved its application in June.
Incidentally, Bafna along with his brother Shubhendra Kumar Bafna hold minority stake in the company. The proposed IPO provides a part-exit for private equity investor Tano Capital which has offered to offload 70 lakh shares.
In April 2013, Tano invested ₹80 crore in the company of which ₹35 crore was by subscribing 10 per cent equity shares of the company and the rest was in the form of Compulsorily Convertible Preference Shares (CCPS). In February 2015, Tano converted 30 per cent of the CCPS which hiked its stake to 14.27 per cent. The shares were converted at ₹57.86 a unit.
Sources said Bafna resignation from the company may delay the proposed IPO. Bafna did not respond to calls made on his phone.
Aditya Bafna was credited for turning around Rajasthan State Warehousing Corporation by operating them on public-private partnership. Under his stewardship, Rajasthan State Warehousing Corporation enhanced its profits to over ₹50 crore from ₹1 crore. Shree Shubham manages 75 warehouses of RSWC at 38 specified locations.