Eveready Chairman, Managing Director Resign Amid Burman Group's Takeover Bid
The chairman and managing director of Eveready Industries India Ltd. quit two days after the Burman family made an open offer to take control of India's largest dry cell battery maker.
Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan have both resigned "in view of the expression of interest" by the Burman family "to enable the company to benefit from new leadership and direction", the company said in an exchange filing.
The Burman family, which controls Dabur India Ltd., announced an open offer on Monday for an additional 26% holding for Rs 604.7 crore. A Dabur spokesperson, in response to emailed queries, said the Burman family won't comment on "Eveready management's decision".
The offer came a year and a half after the Burmans became the largest shareholder in the Brij Mohan Khaitan family-controlled battery maker. The Dabur promoters own 19.85%.
In the exchange filing, JM Financial, which is running the deal for the Burmans, said the company had acquired a 5.26% in Eveready Industries and therefore had to make an open offer for an additional 26% of the voting rights at Rs 320 apiece.
At Eveready, the board asked Joint Managing Director Suvamoy Saha to assume the responsibilities of the managing director till further appointments are made.
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