The Burman family, the promoters of Dabur India, has reclassified themselves as promoters of dry cell battery maker Eveready Industries, replacing the Khaitans.
Following the completion of the open offer in June, the Burman family along with Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Choudhary Associates – all investment arms of the family – became the promoters of the Kolkata-based company. Burman now holds a 38.38 per cent stake in Eveready, having acquired over 14% of the shares in the open offer.
“As per the open offer, Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Choudhary Associates have become the promoters of the target company (Eveready Industries India) in accordance with the provisions of SEBI (LODR) Regulations,” a stock exchange filing said on Monday. .
Sources told FE that the nominees of the Burman family will join the company’s board within a week.
Aditya Khaitan and Amritanshu Khaitan resigned from the board in March after Burman launched an open offer to gain full control of the company. Aditya was the non-executive chairman, while Amritanshu was the managing director. Suvamay Saha, who was then the Joint Managing Director, took over as the Managing Director.
While addressing shareholders at the company’s AGM on June 29, Saha said while operating results were “somewhat disappointing” during the last fiscal, the company was now on a journey towards “higher reach” and “in the midst of a transformation”. Was. “The business’s fundamental strengths remain intact – solid brands, strong distribution reach and high market share across the core categories of batteries and flashlights. The management of the company is now purely focused on harnessing these powers to deliver results,” he said.
Khaitan’s stake in Eveready fell below 5%, as banks and financial institutions continued to sell and sell pledged shares to recover their dues from the Williamson Mager group of companies. Eveready was earlier owned by Union Carbide India. To achieve this in 1993, the Khaitans fought hard with Nusli Wadia’s Bombay Dyeing.