Latest News | Burman Group Rs 604.76-cr Open Offer for Eveready Commences on Apr 26

New Delhi, Mar 15 (PTI) The Rs 604.76-crore open offer by the Burman group through various entities to acquire an additional 26 per cent in batteries and flashlights maker Eveready Industries India Ltd is slated to open on April 26, 2022, according to a regulatory filing by the company.

In a draft letter of offer to the public shareholders of Eveready Industries India Ltd by JM Financial Ltd, the manager of the offer, the date of commencement of the tendering period has been fixed on April 26, 2022 and the date of closure on May 10, 2022.

Also Read | Mumbai: FIR Registered Against BJP MLC Pravin Darekar for Bank Fraud.

Last date for upward revision of the offer price and the size of the open offer is April 22, 2022, as per the letter shared on BSE by Eveready Industries.

"The above timelines are indicative (prepared on the basis of timelines provided under the SEBI (SAST) Regulations) and are subject to receipt of statutory/regulatory approvals and may have to be revised accordingly," it added.

Also Read | Oppo K10 India Launch Set for March 23, 2022.

Earlier this month, the Burman group, through various entities had made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, representing 26 per cent of the expanded voting share capital, at a price of Rs 320 per share, payable in cash.

Earlier, the Burman group, through its entities -- Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, MB Finmart Pvt ltd, Gyan Enterprises Ltd and Chowdry Associates -- held 19.84 per cent in Eveready Industries.

The group bought a further 38.22 lakh shares aggregating 5.26 per cent stake in Eveready Industries, through its stock broker JM Financial Services, thereby triggering the open offer for an additional 26 per cent stake under Sebi norms.

Subsequently, Eveready Industries non-executive Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan have resigned following an open offer from the Burman group.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)