Eveready Industries shareholders approve appointment of Suvamoy Saha as MD

Batteries and flashlights maker Eveready Industries India Ltd on Wednesday said its shareholders have approved the appointment of Suvamoy Saha as its Managing Director for a period of three years.

Saha, erswhile Joint Managing Director of the company, was asked to assume the responsibilities as interim Managing Director after the resignations of former non-executive Chairman Aditya Khaitan and erstwhile Managing Director Amritanshu Khaitan on March 3, following an open offer from the Burman group for a controlling stake in the company.

Later in the month, the company had sought approval from its shareholders for the appointment of Saha as its Managing Director for a period of three years effective March 8, 2022.

The resolution was approved with 99.16 per cent in favour, Eveready Industries India said in a regulatory filing.

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.

Before the open offer, 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.

The open offer was triggered after the group bought a further 38.22 lakh shares aggregating a 5.26 per cent stake in Eveready Industries, through its stockbroker JM Financial Services, thereby triggering the open offer for an additional 26 per cent stake under the Sebi norms.