Battery and Flashlight Maker Everady Industries India Ltd on Thursday said the non-executive chairman Aditya Khait and Managing Director Amritanshu Khait have resigned after an open offer from the Burman Group.
The Burman group, through various entities on Monday made an open offer of Rs 604.76-Crore to get around 1.89 Eveready industry crore shares, representing 26 percent of expanded sound share capital, at a price of Rs 320 per share, paid in cash.
In submission of regulations, India’s everyeady industry said, “… Aditya Khait and Amritanshu Khait have submitted their resignation from the council, as a non-executive director and chairman and as the company’s executor director, WEF March 3, 2022, given the expression of interest above, To allow companies to benefit from new leadership and direction. “
By stating that their resignation was accepted, the company said the council had requested Suvamoy Saha, the Director of the Industry Executor to the Indian Eveready Industry, to assume responsibility as the implementing director in the interim period.
Previously, the Burman Group, through its entity – Puran Associates Pvt Ltd, Vic Enterprises Pvt Ltd, MB Finmart Pvt Ltd, Gyan Enterprises Ltd. and Chowdry Associates – held 19.84 percent of shares in the Everyeady industry.
On Monday, the group bought 38.22 other Lakh shares that collected 5.26 percent of the shares in the Eveready industry, through JM Financial Services shares, thus triggered an open offer for an additional 26 percent of the shares.
In a letter to the Corporate Board based in Kolkata, the Burman Group has clarified their intention to obtain control, given their significant share ownership in the company, while looking for three non-executive directors to the Industrial Board.
“… we strongly believe in the prospects of the business of eveready and support their growth in the future. We believe that the director will significantly contribute to some of the strategic initiatives of Eveady,” said the letter.
Such representation on the board, the Burman Group said, it would also “increase the value of shareholder value and help senior management that had never existed to get market share and improve business growth prospects.
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