Eveready Batteries' Chairman, MD resign post open offer from Burman group

The Burman group, through various entities, had on Monday, made a Rs 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries. 

New Delhi: Batteries and flashlights maker Eveready Industries India Ltd on Thursday said its Non-Executive Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan have resigned following an open offer from the Burman group.

The Burman group, through various entities had on Monday 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.

In a regulatory filing, Eveready Industries India said,"...Aditya Khaitan and Amritanshu Khaitan have tendered their resignations from the Board, as Non-Executive Director and Chairman and as Managing Director of the company, respectively, w.E.F. March 3, 2022, in view of the above expression of interest, to enable the company to benefit from new leadership and direction."

Stating that their resignations have been accepted, the company said its board has asked Suvamoy Saha, Joint Managing Director of Eveready Industries India, to assume the responsibilities as the Managing Director in the interim period.

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 stake in Eveready Industries.