Eveready board appoints Suvamoy Saha as MD_Eveready board appoints Suvamoy Saha as MD

Eveready board appoints Suvamoy Saha as MD

June 3, 2024

AgencyBumans was unable to purchase the underlying shares as the price remained above the bid. The family now owns 19.8% of the shares.

The board of Eveready Industries India Ltd, a maker of batteries and flashlights, said on Tuesday that the company has appointed Suvamoy Saha as managing director for a period of three years following the resignation of the lead promoter from the board in Khaitans. Aditya Khaitan, non-executive chairman, and Amritansh Khaitan, managing director, resigned last week after the Dabur Burman family announced an open offer for the company and expressed interest in taking direct control of Eveready.

Myanmar is still looking for two outside directors on the board, but it is unclear whether the largest shareholder family will appoint a chairman.

The Burmese made an open offer for 26% of the shares after ordering a 5.26% Eveready share issue at Rs 320 per share in the open market.

The Burmese could not buy the shares as the price was still higher than the offer price. The family now holds a 19.8% stake.

They have previously said they are looking for professionals to run the company.

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