The Burman family’s shareholding in Eveready has gone up to 38.3 percent as they obtained 14.3 percent equity through the open offer. According to sources, the Burman family has sought three board seats and may also look to appoint a Chairman, post the open offer according to SEBI guidelines.
The Burman family are now promoters of Eveready Industries India, the country’s largest dry cell battery maker.
Eveready, in a filing with the stock exchanges, said that the Burman Group in a letter dated July 6 had advised the board of the completion of the open offer for the acquisition of shares and control of the company. The board was asked to take on record, the Burman Group, as promoters of the company in terms of the Listing Regulations of the Securities and Exchange Board of India (Sebi).
The Eveready board on Thursday passed a resolution taking on record the completion of the open offer by the Burman Group and individual reclassification of Puran Associates Private Limited, VIC Enterprises Private Limited, M B Finmart Private Limited, Gyan Enterprises Private Limited, and Chowdry Associates as promoters of the company, the filing said.
The Burmans are expected to appoint three non-executive directors to the Eveready board.
They would appoint a chairman, a post that is vacant after Aditya Khaitan, younger son of late Brij Mohan Khaitan, stepped down as non-executive chairman following the announcement of the open offer by the Burman Group earlier this year.
As of March 2022, the Khaitan group held a 4.90 percent stake in Eveready and retain the promoter tag. The Burmans’ holding in the company post-open offer stands at 38.3 percent.
