Eveready Industries India Ltd (EIIL) has appointed two joint chief financial officers, amid talks that its parent, the Williamson Magor Group, is scouting for a strategic partner for the dry cell battery major.
Eveready Industries has denied the appointments to be any indication of a possible restructuring in the company, maintaining that the move was a part of the career succession plan of employees.
EIIL has named Indranil Roy Chowdhury, senior vice- president – Finance and Bibhu Ranjan Saha, senior VP – Accounts & Banking, as joint CFO with immediate effect.
Suvamoy Saha, who was the CFO for a long stint, will now continue as a whole-time director.
The company had earlier said it was seeking an enterprise valuation of Rs 3,000-4,000 crore through stake sale or inducting a strategic partner.
The B M Khaitan-led Williamson Magor Group had mandated Kotak Mahindra Bank to find a strategic partner for Eveready Industries.
The Group, however, has said it has “no plans” to completely exit from the company, which clocked net sales of about Rs 1,450 crore last fiscal, and is likely to post a total revenue of Rs 1,600 crore in 2019-20.
EIIL has called a board meeting on May 27 to announce earnings and dividend.
Shares of the company has taken a beating over the last few sessions, from a high of Rs 450 in January 2018 to close on Rs 74.80 on the BSE on May 17.
Eveready sources had earlier said it was in dialogue with global battery major Energizer, Duracell and a few other PE firms.