Eveready hits 10% upper circuit on report of Dabur promoters picking stake

Shares of Eveready Industries were locked in 10 per cent upper circuit at Rs 88.90 on the BSE on Tuesday on the back of heavy volumes amid reports that Dabur promoters have picked up nearly 8 per cent stake in the battery maker.

Till 01:19 pm, a combined 3.41 million equity shares, representing 4.69 per cent of the company's total equity, had changed hands on the NSE and BSE. There were pending buy orders for around 600,000 shares on the NSE and BSE, exchange data shows.

However, on NSE, under BL series, about 5.15 million shares, representing 7.07 per cent of total holding of Eveready Industries, changed hands at price of Rs 81.80 per share. The name of the buyers and sellers were not ascertained immediately.

BL series is for facilitating block deals. Block deal is a trade, with a minimum quantity of 5 lakh shares or minimum value of Rs. 5 crore, executed through a single transaction, on the special “Block Deal window”. The window is opened for only 35 minutes in the morning from 9:15 to 9:50 AM.

The BSE said, it has "sought clarification from Eveready Industries with reference to news appeared in ET NOW dated July 14, 2020 quoting "Dabur promoters family pick up 8.8 per cent stake in Eveready." The reply is awaited."

As of March 31, 2020, the Burman family, promoters of Dabur India, already held 9.26 per cent stake in Kolkata-based Eveready Industries. The companies on behalf of which stake are held in Eveready Industries include MB Finmart Pvt Ltd, Puran Associates Pvt Ltd, VIC Enterprises Pvt Ltd, and Chowdry Associates. The promoters held 22.99 per cent stake in Eveready Industries, while the remaining 77.01 per cent holdings were with the public shareholders. Of public holding, corporate bodies held 43.58 per cent stake, individual shareholders held 25.63 per cent holding and institutional investors held 4.68 stakes in the company. Eveready has yet not filed its June 2020 shareholding pattern.