Uproar in Eveready company, MD and Chairman resign

New Delhi: Battery manufacturer Eveready continues to be in turmoil. Two days ago, on February 28, Dabur India's promoter Burman family had informed the stock exchanges that it had made an offer to acquire a 26 per cent stake in Eveready. Meanwhile, Aditya Khaitan and Amrutanshu Khaitan, Chairman and Managing Director (CMD) of Eveready Industries, have now resigned. 

It is being told that the Burman Group is in the process of taking over the company. According to the information received, Suvamoy Saha will take over as the new MD of the company. According to the rules of market regulator SEBI, buying more than 25 per cent stake in companies requires an open offer. The company came up with an open offer for 5.26 per cent, after which the Burman family's stake in Eveready will now increase to 25.11 per cent. 
The Burman Group is already the company with the largest stake in Eveready. It owns 19.85 per cent of the company, which is now going to increase to around 26 per cent. The lead manager for the open offer is JM Financial. Eveready has come up with an open offer at a price of Rs 320 per share, under which the Burman Group will buy 11.38 lakh equity shares.

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