Dabur promoters hike stake in Eveready Industries by 8.48 per cent

On the other side, Khaitan family, the promoters of Eveready Industries, has seen a sharp decline in its holding from close to 44 per cent to around to 22 per cent over the past one year after lenders relentlessly invoked pledged shares.

FMCG major Dabur's promoters have hiked their stake in dry cell battery major Eveready Industries by 8.48 per cent to close to 20 per cent by acquiring 61.67 lakh shares from the open market on Tuesday, according to a BSE filing. On the other side, Khaitan family, the promoters of Eveready Industries, has seen a sharp decline in its holding from close to 44 per cent to around to 22 per cent over the past one year after lenders relentlessly invoked pledged shares. The family, represented by B M Khaitan's son Aditya Khaitan and grandson Amritangshu Khaitan, is holding about 22 per cent in the company, according to available data. Eveready's managing director Amritangshu Khaitan did not take calls for a response.

The Dabur group, which maintained investment in Eveready as portfolio investment, has raised its stake in the past. The Dabur group's five promoter entities -- M B Finmart, Puran Associates, V I C Enterprises, Chowdry Associates and Gyan Enterprises -- on Tuesday through portfolio managing firm Guardian Advisors have hiked their stake in Eveready Industries, a filing said. Dabur, in the regulatory filing, "confirmed purchase of 8.48 per cent stake in Eveready Industries" by the promoter entities.

The transaction was carried out on July 14. Post the transaction, shareholding of these five entities in Eveready Industries increased from 11.35 per cent to 19.84 per cent.

Last month, Eveready Industries had said coronavirus pandemic will have an impact on its profitability in the short-term and it is engaged in discussions with lenders to infuse additional fund to meet working capital gap and ensure no impact on its operations. Eveready Industries shares closed 9.96 per cent higher at Rs 88.90 apiece on the BSE.