Eveready stake: Burmans lift holding to 38.3% in 2026

What changed at Eveready

Entities controlled by the Burman family, the promoter family of Dabur India, have increased their ownership in Eveready Industries India Ltd after the conclusion of an open offer. The family acquired 14.3% shares tendered by public shareholders in the offer, taking its total shareholding in the dry cell battery maker to 38.3%.

Mohit Burman confirmed that the open offer has concluded and said the family was satisfied with the outcome. With the higher ownership, the Burman family has become the dominant largest shareholder in Eveready and plans to seek promoter status from Eveready’s board, along with the required regulatory approvals.

Open offer outcome and subscription details

The open offer ran from June 3 to June 16, with the offer price set at Rs 320 per share. The Burman family had made the offer for purchasing a 26% shareholding in Eveready, but the offer was not fully subscribed.

The 14.3% acceptance level indicates that not all eligible shareholders tendered their shares at the offered price. Even so, the tendered shares were sufficient to materially increase the Burman family’s influence in the company, moving it from a large shareholder position to a level where it is seeking formal promoter designation.

What the Burmans plan next

Following the increase to 38.3%, the Burman family intends to pursue promoter status at Eveready. The stated next step is to seek the company board’s approval and then obtain regulatory clearances for the promoter classification.

Earlier communications around the open offer had indicated that, pursuant to the offer and purchase, the acquirers and persons acting in concert (PACs) would acquire control over Eveready and become promoters of the target company, including under Sebi (LODR) Regulations.

Sebi approval and the revised offer schedule

Before the June tendering window, the Burman family-controlled entities had received approval from the Securities and Exchange Board of India (Sebi) to launch an open offer for an additional 26% stake in Eveready. The offer was communicated as opening on June 3 and closing on June 16 at a price of Rs 320 per share.

At one point during the process, the company submitted the letter of offer to stock exchanges and shared a revised timeline for the open offer, including the last date for any revision of the offer price. As per that revised timeline, the last date for revising the offer price was fixed as June 1, and the Burman entities stated they had ruled out revising the offer upwards.

Market conditions during the offer period

While the Burman entities were awaiting the market regulator’s approval, the broader market fell and Eveready’s share price moved below the open offer price. In one reported session, the stock closed at Rs 315.2 on the NSE.

The weakness in the price also coincided with additional purchases by the Burmans from the open market. The text indicates they acquired a 3.51% share from April 13 onwards, and that the group entities together held 23.36% in Eveready as on a referenced Tuesday.

Open-market buying before the tender offer

Eveready disclosed in a regulatory filing that the Burman Group increased its holding to 20.18% through open market purchases. The filing said group entities acquired 78,000 shares in a session, representing 0.11% of the company, taking the holding to 20.18% from 20.07%.

The broader context is that Burman group entities had been accumulating Eveready shares over multiple years. The text notes the group had been buying into Eveready since March 2019, and by July 2020 it became the largest shareholder with a 19.84% stake after acquiring 8.48% shares.

Trigger event: crossing thresholds and the offer size

The mandatory open offer was linked to additional purchases under Sebi takeover regulations. The text states the Burmans acquired an additional 5.26% stake for INR 122.30 crore, taking total shareholding to 25.11%, which triggered the requirement to make an open offer for at least 26% additional stake.

The open offer size was around 1.89 crore shares representing 26% of the expanded voting share capital, at Rs 320 per share payable in cash. If fully subscribed at the declared price, the offer consideration was stated as about INR 604.75 crore to INR 604.76 crore (also reported as up to INR 605 crore in another reference).

Governance changes around the open offer

The period around the open offer announcement also saw changes at the top of Eveready. The chairman and managing director resigned two days after the open offer was made public. The exchange filing cited their decision as being in view of the Burman family’s expression of interest, and said it was to enable the company to benefit from new leadership and direction.

Following the resignations, Eveready’s board asked joint managing director Suvamoy Saha to assume the managing director’s responsibilities until further appointments were made.

Legal overhang referenced in the background

The background section also mentions a court order linked to a case filed by KKR India against the Williamson Magor group to recover a INR 200 crore loan. The order was described as preventing changes in the capital structure, sale of assets, or corporate or debt restructuring, and sources were cited saying the company could not raise capital or sell assets at that time.

Key numbers and milestones

Market impact

The immediate market narrative around the open offer included a period where the share price traded below the Rs 320 offer price amid a broader market decline, as described in the text. That price behaviour mattered because it influenced how attractive the tender price looked to shareholders.

Separately, Eveready shares were also reported to have slipped 7% to Rs 350 in an intra-day move after the open offer announcement, with the stock described as having fallen 8% from an intra-day high of Rs 380.50. These price references show that the market reacted to the control-related development and assessed the offer terms against prevailing prices.

Analysis: why 38.3% and promoter status matter

A 38.3% holding makes the Burman family the largest and dominant shareholder, but the article indicates the family still intends to formalise its role by seeking promoter status. In India, promoter classification affects disclosures, governance expectations, and regulatory reporting under Sebi rules, so the stated plan to approach the board and regulators is a material next step.

The fact that the open offer was not fully subscribed also matters. It shows that the tender route did not deliver the entire 26% sought, yet the end position still substantially strengthens the acquirers’ ability to influence outcomes, particularly if the group also continues open-market purchases within regulatory limits.

Conclusion

The Burman family’s 14.3% open-offer acquisition has lifted its Eveready stake to 38.3%, making it the company’s dominant shareholder. The next stated milestone is the group’s move to seek promoter status from Eveready’s board and obtain the necessary regulatory approvals, following the conclusion of the tender offer process.