Eveready Industries Chairman and Managing Director, Aditya Khaitan and Amritanshu Khaitan, tendered their resignation on Thursday to “enable the Company to benefit from new leadership and direction.”
The resignation of the top leadership came just 2 days after the Burman family, promoters of Dabur India Ltd, made an open offer for the Kolkata-based dry cell battery major.
The Board at its Meeting held today, took their resignations on record and accepted the same, effective March 3. Suvamoy Saha will take charge as the new MD of the company, the company said in an exchange filing.
In his resignation letter, Amritanshu wrote, “As the largest shareholders of the company, the Burman Family have expressed their interest to take management control of your company and give new leadership and direction to the Company, it would be appropriate for me to step down from the board.”
Khiatan noted that he will continue to be a long term stakeholder in the company and participate in the future growth plans of the company.
“Going forward I hope the new leadership will deliver greater success in terms of higher top line and bottom line growth for your company and create significant value for all stakeholders of the company,” he added.
The Burmans brought to the notice of the bourses on February 28 that they have made an open offer for an additional 26 percent stake in Eveready Industries Ltd. Even before their takeover bid, Burmans were the largest shareholder with a 19.85 per cent stake in Eveready.
Burmans’ offer was priced at Rs 320 per share for acquisition of 26 per cent of the expanded voting share capital aggregating to a total consideration of up to Rs 605 crore.
