Markets

Burman family picks up 8.8% stake in Eveready

New Delhi: The Burman family, promoters of packaged consumer goods maker Dabur India, has picked up 8.8% stake in battery maker Eveready Industries, increasing its existing stake in the Kolkata-based company to 20%. This follows a block deal on Tuesday for 64 lakh shares in the country’s largest dry cell batter maker. The share purchase is a personal investment by the Burman family, an official directly aware of the developments said.

A company spokesperson confirmed the block deal.

Shares of Eveready surged 10% on Tuesday after the development.

Burman family backed portfolio management firm Guardian Advisors has been steadily buying shares of the Khaitan-family controlled Eveready Industries over the last few months. It picked up a 5.9% stake till February 2020, and in March, announced a further increase in stake by another 3.4%. They owned 11.2% stake in the company, which has now been increased to 20%.

The companies on behalf of which acquisitions were made in Eveready Industries include MB Finmart, Puran Associates, VIC Enterprises and Chowdry Associates.

Eveready, which is valued at around Rs 550 crore, has a debt of about Rs 400 crore. The company had earlier said in a regulatory filing that it availed moratorium on some of its repayments to tide over the cash flow shortfall on account of the lockdown to contain the spread of the coronavirus pandemic.

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Markets-Economic Times

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