{"id":26668,"date":"2022-02-28T20:59:33","date_gmt":"2022-02-28T15:29:33","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-2nd-ld-eveready-burman\/"},"modified":"2022-02-28T20:59:33","modified_gmt":"2022-02-28T15:29:33","slug":"biz-2nd-ld-eveready-burman","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-2nd-ld-eveready-burman\/","title":{"rendered":"Burmans of Dabur group make open offer for Eveready Industries takeover bid"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2871941555\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Kolkata, Feb 28 (PTI) In its bid to take full management control of city-based dry cell battery major Eveready Industries India Ltd, the Burmans of the Dabur family on Monday made an open offer for an additional 26 per cent of shares at Rs 320 per scrip.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3578283247\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>     \tThe mandatory open offer under the takeover regulations of SEBI was made as the Burmans acquired an additional 5.26 per cent stake of Eveready from the open market taking its total shareholding to 25.11 per cent.<\/p>\n<p>     \tThe Burmans were already the largest shareholder of the battery maker with a stake of 19.85 per cent.            \tThe lead manager for the open offer J M Financial in a notice to the bourses said the acquirer had acquired a 5.26 per cent stake in Eveready Industries and made an open offer for additional 1.38 lakh shares totalling 26 per cent of the voting right at Rs 320 apiece.<\/p>\n<p>     \tMohit Burman who personally handles the family investment in Eveready said they have been monitoring the situation of the company and felt that it is the appropriate time to step in.<\/p><div class=\"trade-content_5\" id=\"trade-628266447\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>     \t&#8220;The company needs direction and the brand has immense potential. We feel we will be able to add value and take this business to the next level,&#8221; said Burman, also a director of Dabur, in a statement.<\/p>\n<p>Dabur India Ltd is not directly involved in the acquisition process of Eveready.<\/p>\n<p>     \tEveready had been under the control of the BM Khaitan group for two decades. The company came under the Khaitan fold in 1993 when it acquired Union Carbide India (renamed Eveready Industries India).<\/p>\n<p>     \tIts shareholding plunged to just 4.8 per cent from 44.1 per cent over the past two years as the promoter group defaulted on repayments and lenders sold shares of Eveready pledged with them against borrowings.<\/p>\n<p>     \tThe promoter group pledged their holdings in Eveready and tea producer McLeod Russel India Ltd to avail of loans and repay debts of McNally Bharat Engineering.<\/p>\n<p>     \tEveready Industries MD Amritanshu Khaitan declined to comment on the development.<\/p><div class=\"trade-content-10\" id=\"trade-4087213661\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>     \tA source close to Khaitan family told PTI that it was not aware of the development.<\/p>\n<p>     \t\u201cBurmans have continued to say that their stake in Eveready is entirely investment and not intended to take over the company. They were cornering Eveready shares for more than two years,\u201d the source said.<\/p>\n<p>The Burmans have also written to the Eveready board showing intent for three board berths with non-executive director.<\/p>\n<p>     \tThe stock price of Eveready jumped Rs 34.35 per share to Rs 375 at NSE and hence, the open offer is likely to receive lukewarm response, a city-based stockbroker said. PTI BSM  NN   NN<\/p>\n<div class=\"trade-after-content\" id=\"trade-1617273895\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Kolkata, Feb 28 (PTI) In its bid to take full management control of city-based dry cell battery major Eveready Industries India Ltd, the Burmans of the Dabur family on Monday made an open offer for an additional 26 per cent of shares at Rs 320 per scrip. The mandatory open offer under the takeover regulations [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-26668","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Burmans of Dabur group make open offer for Eveready Industries takeover bid - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-2nd-ld-eveready-burman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Burmans of Dabur group make open offer for Eveready Industries takeover bid\" \/>\n<meta property=\"og:description\" content=\"Kolkata, Feb 28 (PTI) In its bid to take full management control of city-based dry cell battery major Eveready Industries India Ltd, the Burmans of the Dabur family on Monday made an open offer for an additional 26 per cent of shares at Rs 320 per scrip. 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