Burman Family’s open offer for Eveready has no impact on Dabur

Dabur India Ltd said on Tuesday that the Burman family’s open offer to buy an additional 26% stake in Eveready Industries is a personal investment.

Dabur said the open offer had no impact on the business, adding that the family had personally invested in businesses outside of Dabur.

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“We have been monitoring the situation in the business and felt that the time was right to intervene. The business needs to be led and the brand has immense potential. We believe that we will be able to add value and take this business to the next level,” said Mohit Burman.

Eveready had been struggling with high debt for a few years and is trying to monetize some of its assets. Recently, the battery maker also spun off its loss-making tea business and sold its surplus land in Chennai and Hyderabad to reduce its debt.

Eveready Industries India share price ended up 10.08% on Monday at 375 rupees apiece.

(Edited by : Priyanka Deshpande)

First post: STI


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