The Burman family is the single-largest investor in Eveready Industries Ltd with a 20 per cent stake. They may become joint promoters of the battery maker along with the Khaitan family, said sources.
Last August, Eveready’s shares were held by Williamson Magor (an Eveready promoter entity). They were pledged with IndusInd Bank for securing the outstanding dues of Seajuli Developers and Finance Ltd, the borrower company.
The decline in the promoter holdings in Eveready opened the dry-cell battery maker to the risk of a hostile takeover. As lenders invoked pledges, the Burman-family stepped in as a white knight to buy out the shares. Burman Family, which runs Dabur Ltd, bought shares from the open market to avert such a possibility.
The company, post the creation of joint management control, may appoint the Burmans and the Khaitans as board members.
A spokesperson for the Burman family said we are the largest shareholder in Eveready with around 20% stake. However, neither do we have any board seat currently, nor have we sought a seat on the board of Eveready.