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.
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