Eveready Industries rallies 18% on reports of promoter stake sale plan

The stock rallied 18% to Rs 214 on the BSE in early morning trade on the back of heavy volumes.

Shares of Eveready Industries India (EIIL)  rallied 18% to Rs 214 per share on the BSE in early trade on reports that promoter B M Khaitan is likely to sell the flagship company, a leader in dry cell batteries and flashlights.

“The B M Khaitan-led Williamson Magor is selling its flagship Eveready Industries, triggering an auction process for one of the country’s oldest consumer brands,” the Times of India report suggested.

“The promoter, which owns 45% in the publicly traded Eveready, is said to have mandated Kotak Mahindra Bank for the potential sale, which could attract the interest