Stock to watch: Eveready Industries India

On Wednesday, Eveready’s scrip rose to a high of Rs 343.90 as against Rs 331.35 at the previous close on the Bombay Stock Exchange. The stock closed the session at Rs 341.80, up by 3.15 per cent.

Shares of batteries and flashlights maker, Eveready Industries have once again thrust into spotlight as fresh developments continue to occur in the company’s on-going takeover attempt by Burman Group.

According to a regulatory filing by the company, Burman group has made an open offer of Rs 604.76 crore through various entities to acquire an additional 26 per cent i.e. 1.89 crore shares in Eveready Industries. The commencement date of the tendering period is set on April 26, 2022 and the date of closure on May 10, 2022. Also, last date for upward revision of the offer price and the size of the open offer is April 22, 2022.

Earlier, Burman group already held 19.84 per cent stake in the company through its entities: VIC Enterprises, MB Finmart, Gyan Enterprises, Puran Associates and Chowdry Associates. Since then, a further purchase of 38.22 lakh shares aggregating a 5.26 per cent stake of the company has been made by the group. Under SEBI norms, this move helped trigger the open offer for an additional 26 per cent stake.

On March 3, 2022, Aditya Khaitan and Amritanshu Khaitan tendered their resignations from the Board, as Non- Executive Director and Chairman and as Managing Director of the company, in view of the receipt of the draft letter dated February 28, 2022 from the Burman group, in relation to the proposed acquisition.

The company’s Board at its recent meeting held on March 8, 2022, approved the appointment of Suvamoy Saha, as the Managing Director of the company for a period of 3 years effective immediately.

On Wednesday, Eveready’s scrip rose to a high of Rs 343.90 as against Rs 331.35 at the previous close on the Bombay Stock Exchange. The stock closed the session at Rs 341.80, up by 3.15 per cent.

Watch out for this stock in tomorrow's trading session!