Latest News | Burman Group Scales Up Holding in Eveready Industries to 20.18 Pc

New Delhi, Apr 19 (PTI) Batteries and flashlights maker Eveready Industries India Ltd on Tuesday said Burman Group has increased its holding in the company to 20.18 per cent through acquisition of shares from the open market.

Burman Group entities, which include Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, MB Finmart Pvt ltd, Gyan Enterprises Ltd and Chowdry Associates, acquired 78,000 shares on Tuesday that account for 0.11 per cent stake in the company, Eveready Industries India said in a regulatory filing.

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After this acquisition, the holding of the Burman Group has now increased to 20.18 per cent from 20.07 per cent earlier, it added.

In February, the Burman group, through its 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.

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The opening of the tendering period of the offer was fixed on April 26 and the date of closure on May 10.

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

Earlier, the Burman group, through its entities, held 19.84 per cent in Eveready Industries.

(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)