Promotor of the FMCG firm Dabur India, the Burman family, has now reclassified itself as the promoter of dry cell battery maker Eveready Industries.
Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates — belonging to the family – now jointly own 38.38 per cent in the Kolkata-based battery maker after the completion of an open offer in June. These firms “have become the promoter of the target company,” said a filing made to the exchange by the company.
In June, the investment companies of the Burman family entities had acquired a 14.55 per cent share of Eveready Industries from the open market. Mohit Burman, Vice Chairman of Dabur India, had earlier said that it would be classified as promoters in July after the formalities.
Moreover, nominees of the Burman family will become a part of the company’s board within one week, according to sources quoted by ToI. Three people from the Burman camp will be joining the board.
Earlier in February this year, Dabur India’s Burman group brought to the notice of the bourses that they have made an open offer for an additional 26 per cent stake in Eveready Industries Ltd. Even before their takeover bid, Burmans were the largest shareholder with a 19.85 per cent stake in Eveready.
In March, Eveready Industries Chairman and Managing Director, Aditya Khaitan and Amritanshu Khaitan, tendered their resignation to “enable the Company to benefit from new leadership and direction.” Suvamoy Saha, who was then the joint MD, assumed charge as the new MD.
