Cardiac stent maker Sahajanand Medical Technologies Ltd, which is backed by private equity firms Morgan Stanley PE Asia and Samara Capital, is reshuffling its leadership as it prepares for a public listing.
The company said Monday it has appointed Bhargav Kotadia, who is part of the founding family, as its CEO, effective April 1. Kotadia, who is currently managing director at Sahajanand, will replace Ganesh Sabat.
The company did not clarify whether Sabat has resigned or transitioned to another role. It also didn't say whether Kotadia will retain the MD's position or whether it will appoint someone else in that role.
Additionally, the company named Jose Calle Gordo as chairman, elevating him from his previous role as a board member. Founder and current chairman Dhirajlal Kotadia will assume the position of chairman emeritus and continue to provide strategic guidance, the company said in a statement.
The leadership changes come as Sahajanand revives its plans for a public listing. The company had initially filed its draft red herring prospectus with the Securities and Exchange Board of India in 2021 to raise around Rs 1,500 crore via an IPO but later postponed the plan, opting instead to raise funding from Kotak Pre-IPO Opportunities Fund. The company has now restarted work on its listing, a person privy to the matter said.
Previously, the company raised funding from Samara Capital in 2016 and from Morgan Stanley PE in 2018.
Headquartered in Mumbai, the company currently operates in over 80 countries. Its product portfolio includes drug-eluting stents, transcatheter aortic valve implantation devices, occluders, and balloon catheters. It plans to use the IPO proceeds to expand R&D initiatives, manufacturing capacity, and international operations.
