Burman Family of Dabur India has recently acquired 64 lakh shares or an 8.8 per cent stake in Eveready. According to an official, “The share purchase is a personal investment by the Burman family”. Shares of Eveready increased to 10% on Tuesday following the block deal.
Burman family backed portfolio management firm Guardian Advisors has previously acquired 5.9% stake till February 2020. And then next month, in March it further increased its stake in Khaitan-family controlled Eveready Industries by another 3.4%. The Burman family owned 11.2% stake in the company. With the recent deal, it now owns a total of 20 per cent stake in the company.
MB Finmart, Puran Associates, VIC Enterprises and Chowdry Associates are the companies on whose behalf acquisitions were made in Eveready Industries.
The market capitalisation of Eveready is 550 crore. The company has a debt of Rs 400 crore. Earlier in a regulatory filing, the company said it has availed the moratorium facility on some of its repayments to overcome the cash flow shortfall due to the lockdown which was imposed by the government to contain the spread of COVID Pandemic.