Batteries and LED lights maker Eveready Industries on Tuesday said Anand Chand Burman and Mohit Burman have become directors on its board.
They are members of the Burman family, the promoters of FMCG major Dabur India.
The Burman Group, through its entities Puran Associates, VIC Enterprises, MB Finmart, Gyan Enterprises and Chowdry Associates had increased stake in Eveready to 38.37 per cent and became promoters of the Kolkata-based firm.
In a regulatory filing, Eveready said Dabur Group’s former chairman Anand Chand Burman and its Vice-Chairman Mohit Burman have been appointed as its non-executive directors with effect from July 12, 2022.
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Besides, Arjun Lamba, an associate of the Burman family, has been appointed as non-executive director on the board, it added.
In addition, former Britannia Industries Managing Director & CEO Sunil Kumar Alagh has been appointed as an independent director of the company for a period of five years effective July 12, 2022.
All these appointments would be subject to approval from the shareholders of Eveready Industries, it added.
Anand Chand Burman (70) is a member of the fifth generation of Dabur Group’s founder family and took charge as the chairman of Dabur India in 2007 after holding the post of vice-chairman.
He led Dabur’s transformation from an ayurvedic medicines maker to becoming India’s fourth-largest FMCG company.
He stepped down as the chairman of Dabur India in 2019. He is also on the board of other Burman family companies as Aviva Life Insurance, Ester Industries etc.
Mohit Burman (54) is the Vice Chairman of Dabur India and is the driving force behind the Burman family’s foray into several high-growth and sunrise sectors of financial services like life insurance, pensions, annuities and asset management, besides agriculture and retailing.
In February this year, 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.
The opening of the tendering period of the offer was fixed on April 26, 2022 and the date of closure on May 10, 2022. The offer was subsequent to the group buying a further 38.22 lakh shares aggregating 5.26 per cent stake in Eveready, thereby triggering the open offer for an additional 26 per cent stake under Sebi norms.
Following the completion of the open offer, the Burman group was classified as promoters of the company.
Earlier, the Burman group, through its entities held 19.84 per cent in Eveready Industries.