Dabur's Burman family becomes official promoter of Eveready Industries

FMCG firm Dabur India promoter Burman family has now become promoter of Eveready Industries, according to a regulatory filing by the Kolkata-based flashlight and battery maker.

Entities belonging to the family -- Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates -- now jointly own 38.38 per cent in Eveready Industries after the completion of an open offer in June.

These firms "have become the promoter of the target company," said a disclosure to bourses made by the company under SEBI's takeover regulation.

The investment firms of the Burman family entities had acquired a 14.55 per cent share of Eveready Industries from the open market in June and now collectively own a majority stake.

Prior to this, the family already had acquired a 23.83 per cent stake in Eveready Industries.

In February this year, 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.

The opening of the tendering period of the offer was fixed on April 26, 2022 and the date of closure on May 10, 2022. The offer was subsequent to the group buying a further 38.22 lakh shares aggregating 5.26 per cent stake in the batteries and flashlights firm, 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 -- 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.

Besides Dabur, Burman family owns other businesses which include Aviva Life Insurance Co, Lite Bite Foods, HealthCare atHOME (HCAH) and Burman Hospitality, which is Taco Bell's master franchise partner in India.