Dabur's Burman family to promote Eveready Industries

11 Jul 2022 CW Team

According to a regulatory filing made by the Kolkata-based flashlight and battery manufacturer Eveready Industries, the Burman family, promoter of the FMCG major Dabur India, is now the promoter of the company. Following the conclusion of an open bid in June, family-affiliated companies Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises, and Chowdry Associates now collectively own 38.38 percent of Eveready Industries.

According to a disclosure to bourses issued by the company in accordance with SEBI's takeover regulation, these firms "have become the promoter of the target company." The investment companies of the Burman family groups now together possess a majority of Eveready Industries after purchasing a 14.55 percent share from the open market in June. The family already owned a 23.83 per cent share in Eveready Industries before this. At a price of Rs 320 per share, payable in cash, the Burman group made an open offer in February of this year to purchase approximately 1.89 crore shares of Eveready Industries, or 26 per cent of the increased voting share capital, for Rs 604.76 crore.

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